Frequently Asked Questions
- How can I confirm whether a particular company/person is registered with the Commission?
- I have a company that I’d like to register. What are the requirements for registration?
- What is required to register a security with the Commission?
- What is the process for becoming registered?
- What is the process for renewal of registration?
- How do I know whether my company needs to be registered with the Commission?
- Who does the TTSEC regulate?
- What must be registered or filed?
- Can I find out how many securities were registered during a particular period?
- Can I view or obtain copies of the prospectus or other legal documents regarding this security?
- What are the applicable fees for registration?
- Where can I obtain a copy of the Conflict of Interest Rules Statement?
- Where can I obtain a copy of the Securities Industry Act or the Guidelines for Collective Investment Schemes?
- What if a company only has a CEO and one director in Management instead of two directors? Who should sign the completed forms and statements?
- If the persons identified as being responsible for discharge of the company’s obligations previously forwarded copies of their certificates and passport photos, should we still forward these again this year?
- Can you provide the names of all the registered Brokerage houses?
- What enforcement action can the Commission take?
- Are disclosures/filings made to the Commission by reporting issuers available for viewing by members of the public?
- What are some of the sources of information provided by a reporting issuer?
- How can I confirm the current registration status and/or category of a person or security?
- How do I make a Complaint?
- What type of action could be initiated by the TTSEC against the subject of a complaint?
- When can I get information about the status of an investigation?
- What is the procedure by which the Commission conducts hearings into contraventions?
- 1. How can I confirm whether a particular company/person is registered with the Commission?
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- 2. I have a company that I’d like to register. What are the requirements for registration?
Although the requirements for registration will vary depending on the category of registration being sought, the registration requirements are similar. Essentially, applicants for registration will be required to complete certain standard forms, make certain declarations, disclose information about themselves, and pay the required fee. Greater detail with respect to registration requirements are provided in checklists which can be accessed from the “Registrants” section of the website and by clicking on “Registration Checklists” or by using the following link: http://www.ttsec.org.tt/registration.php?mid=60.
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- 3. What is required to register a security with the Commission?
Every security that is offered to the public must be registered with the Commission. The exact requirements vary depending on the type of security involved but will generally require the submission of:
- An information disclosure document in respect of the security being registered unless a Prospectus exemption is being claimed under Section 75(2) of the Securities Industry Act, 1995;
- A properly completed Registration Statement Form No. 4;
- All legal documents constituting the security; and
- The required fees (see fee schedule via the following link) http://www.ttsec.org.tt/content/90.pdf;
- Greater detail with respect to the registration requirements are provided in checklists which can be accessed from the “Registrants” section of the website and by clicking on “Registration Checklists” or by using the following link: http://www.ttsec.org.tt/registration.php?mid=60.
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- 4. What is the process for becoming registered?
- To become registered with the Commission, applicants must first submit their application to the Commission.
- This application will be reviewed by the Disclosure Registration and Corporate Finance Division.
- Any concerns or shortcomings in the application will be communicated to the applicant in writing and must be addressed before the application process can move forward.
- Once the applicant has satisfied the requirements of the Act for registration, the application will be forwarded to the Board of Commissioners or their delegate(s) for consideration.
- The Board of Commissioners or their delegate(s) will make a decision on the application and this decision will be communicated by the Division of Disclosure Registration and Corporate Finance to the applicant in writing.
- The application will either be:
- Approved – in this case the applicant will now become a registrant and must observe the provisions of the Act; or
- Deferred – in this case the reasons for the deferral of the decision to register the applicant will be stated and the applicant will be invited to respond accordingly
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- 5. What is the process for renewal of registration?
Each year upon the anniversary date of registration, market actors are required to renew their registration. The checklist of documents to be submitted is located at the following link: http://www.ttsec.org.tt/registration.php?mid=61
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- 6. How do I know whether my company needs to be registered with the Commission?
Any company that issues securities to the public must be registered with the Commission as a Reporting Issuer.
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- 7. Who does the TTSEC regulate?
Any company or person that holds itself out as one of the following must also be registered with the Commission:
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- Broker;
- Dealer;
- Investment Adviser;
- Securities Company;
- Trader; or
- Underwriter.
A glossary of these terms is located at the following link:
If you are not certain as to whether you need to be registered, please contact the Commission at 623-5095, 624-2991 or 625-2562 to obtain our advice.
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- 8. What must be registered or filed?
Securities issued to the public for example:
- shares
- stocks
- debentures
- units
- bonds
- Prospectuses
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- 9. Can I find out how many securities were registered during a particular period?
The Commission publishes on its website a list of all securities that have been approved for registration. This list can be accessed through the “Registrants” section of the website and clicking on “Securities Register”. Alternatively, the following link will provide you with access to the list of registered securities: http://www.ttsec.org.tt/registration.php?mid=16.
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- 10. Can I view or obtain copies of the prospectus or other legal documents regarding this security?
Yes. The documents concerning any security that has been registered with the Commission can be viewed by an interested person. Persons wishing to view these documents should contact the Commission first with their request
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- 11. What are the applicable fees for registration?
The fees for registration vary depending on the category of registration being sought.
Furthermore, for each category of registration (except for the registration of securities) there is an annual renewal fee. A list of the fee schedule is located at: http://www.ttsec.org.tt/content/revised-fee-schedule.pdf
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- 12. Where can I obtain a copy of the Conflict of Interest Rules Statement?
The Conflict of Interest Rules Statement is located in Schedule 3 of the Securities Industries By-laws, 1997. Alternatively a copy of the statement can be viewed at the following URL on the Commission’s website: http://www.ttsec.org.tt/content/3030.pdf
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- 13. Where can I obtain a copy of the Securities Industry Act or the Guidelines for Collective Investment Schemes?
Copies of the Securities Industry Act, 1995 and its related By-Laws can be viewed or downloaded from the Commission’s website by navigating to the Legal Framework section and clicking on the SIA tab. The legislation is separated by the year in which it was passed. Guidelines can also be viewed or downloaded from the Legal Framework section of the Website by clicking on the Guidelines tab. Alternatively, persons can contact the Commission for assistance in locating same.
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- 14. What if a company only has a CEO and one director in Management instead of two directors? Who should sign the completed forms and statements?
Most forms and statements for the registration and renewal of Market Actors, Reporting Issuers and Securities need to be signed by the company’s CEO and at least two directors. Where, there are only two persons who are eligible to sign these forms/statements, these two persons can sign provided that an adequate explanation is provided by way of written submission.
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- 15. If the persons identified as being responsible for discharge of the company’s obligations previously forwarded copies of their certificates and passport photos, should we still forward these again this year?
To the extent that a person has already submitted their academic qualifications to the Commission, they need not resubmit same, provided that they indicate that these documents were already forwarded to the Commission and when.
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- 16. Can you provide the names of all the registered Brokerage houses ?
- AIC Securities Limited
- Bourse Securities
- Caribbean Stock Brokers
- First Citizens Brokerage and Advisory Services Ltd.
- DB&G Scotia
- Republic Securities
- WISE Securities
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- 17. What enforcement action can the Commission take?
- Conducting investigations and holding hearings.
- Initiating criminal proceedings in summary courts against persons for failing to comply with the Act
- Referring to the DPP certain indictable matters
- Imposing of penalties for various contraventions of the Act, By-laws or Orders
- Making certain remedial orders e.g. Cease trade orders
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- 18. Are disclosures/filings made to the Commission by reporting issuers available for viewing by members of the public?
Yes. All filings made to the Commission pursuant to the requirements of the Securities Industry Act and the Securities Industry By-Laws are accessible for viewing during normal business hours of the Commission.
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- 19. What are some of the sources of information provided by a reporting issuer?
- Quarterly; Semi-Annual and Annual financial statements;
- Material Change Filings;
- Annual Reports;
- Registration Documents
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- 20. How can I confirm the current registration status and/or category of a person or security?
- Browse the register on the TTSEC website; or
- Contact a representative of the Commission’s Communications Division via the numbers provided.
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- 21. How do I make a Complaint?
The Commission reviews complaints made against registrants (broker-dealers, investment advisers, underwriters, reporting issuers). If the actions of these individuals or companies suggest possible breaches of the Act, further investigation may be warranted.
See Investor Complaints
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- 22. What type of action could be initiated by the TTSEC against the subject of a complaint?
- Conducting investigations and holding hearings.
- Initiating criminal proceedings in summary courts against persons for failing to comply with the Act
- Imposing of penalties for various contraventions of the Act, By-laws or Orders
- Making certain remedial orders e.g. Cease trade orders
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- 23. When can I get information about the status of an investigation?
To protect the integrity of an investigation, the Commission shall not comment on the existence, status or nature of an investigation being conducted by staff until the matter becomes one of public record.
An investigation becomes public when the TTSEC brings a proceeding in court or a public hearing before the Commission.
- 24. What is the procedure by which the Commission conducts hearings into contraventions?
Hearings (written or oral)
A hearing is commenced by the service of a Notice of contravention and/or a Notice of Hearing on all persons entitled to receive a copy of the Notice and the convening of a hearing panel to review all of the evidence in the matter. A hearing panel consists of select Board members, no less than two (2) Commissioners.
The details of the investigative report are not shared with the Commissioners, since the matter may be conducted by administrative hearing (in which a panel of Commissioners would adjudicate and determine) or via the courts (civil or criminal proceedings).
Prior to the determination of a breach of the Act and/ or the imposition of sanctions, the Act requires that a hearing be convened to allow a reasonable opportunity for affected and other persons to be heard.
The hearing panel (of Commissioners) will determine the merits of the case based on the submissions presented. Upon conclusion of the hearing, the Commission will make a final order in writing stating the findings of fact on which their decision is based and the reasons for the decision. A copy of the order is then published in the Gazette and a daily newspaper and placed on the website. Sanctions imposed by the hearing panel may include a fine.
Under the Act, an affected person has the right to review a decision of the hearing panel via other Commissioners, who had not heard the matter and then, on a point of law, to the court of appeal.
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