The Securities Industry Act (SIA 1995) was proclaimed in 1997 ushering in a new regime in the securities market in Trinidad and Tobago and giving birth to the Securities and Exchange Commission (“the Commission”).
In December 2012, the SIA 1995 was repealed and replaced by the Securities Act (SA 2012) “an Act to provide protection to investors from unfair, improper or fraudulent practices; foster fair and efficient securities markets and confidence in the securities industry in Trinidad and Tobago; to reduce systemic risk and for other related matters”. The Act was proclaimed by His Excellency, The President of the Republic of Trinidad and Tobago on December 28, 2012 and came into operation on December 31, 2012.
The Commission has three primary functions which include registration of all market actors and the securities that they offer; surveillance of the market; and enforcement of the legislation which governs the functioning of the industry.
Developments in the global as well as regional capital markets have highlighted the need for us to develop systems to support the growth of an efficient and transparent securities market in Trinidad and Tobago. Our aim is to promote the growth and integrity of the securities industry through our consultative and collaborative efforts with the market actors who operate within the market. We also understand the need to educate investors so that they will demand greater disclosure from the issuers of securities.
We work closely with the Trinidad and Tobago Stock Exchange (TTSE), a self regulatory organization (SRO) which is regulated by the Commission and which assists in the setting and monitoring of practices and standards among its members.
The Commission’s role has always been to foster the orderly development of the securities market, a market which over the years has increasingly assumed many of the characteristics of more developed international markets. As such the Commission must always operate in a manner that is responsive to changes in the marketplace while keeping abreast of international developments to ensure that our regulatory framework remains current, relevant and effective.