The Trinidad and Tobago Securities and Exchange Commission (“TTSEC”) is an autonomous body established by an Act of Parliament. On April 25th, 1997, the Securities Industry Act (SIA) 1995 was proclaimed establishing the TTSEC. The Board of Commissioners, chaired by the late Carlton Robinson, was appointed shortly thereafter with the first meeting taking place on May 2nd, 1997. At that time, the office of the TTSEC was located at 23A Chacon Street, Port of Spain, and there were a mere two employees. In July 2000, the TTSEC relocated to the 12th Floor, Central Bank Tower, thereafter to Dundonald Street in Port of Spain and as at July 2019 to Tower D, International Waterfront Centre.
The SIA was subsequently repealed and replaced by the Securities Act, Chapter 83:02 (SA 2012), of the Laws of the Republic of Trinidad and Tobago, which came into operation on December 31st, 2012. Under our current legislation, the TTSEC is mandated to provide protection to investors from unfair, improper or fraudulent practices; foster fair and efficient securities markets; build confidence in the securities industry in Trinidad and Tobago; and to reduce systemic risk.
This duty is discharged through the following functions: the registration of all entities and securities in the industry; the conduct of inspections to ensure compliance with the SA 2012 and other relevant legislation; market surveillance which involves monitoring the actions of registered and non-registered entities; the receipt and processing of investor complaints; enforcement action for breaches of the SA 2012 and any other enforceable legislation; ensuring compliance of AML/CFT legislation and the promotion of education to the public on the securities industry and investing – its risks and benefits. The TTSEC is also a quasi-judicial body, which means that the TTSEC has been given powers, through the SA 2012, to conduct investigations and hold hearings.
As it pertains to our mandate for investor protection, there are multiple avenues utilised by the TTSEC to combat investment fraud. This is achieved through registration; inspections; market surveillance and enforcement action, which serves as a deterrent; and investor education, to harden the public’s susceptibility to investment fraud.
As a regulator, we are also focused on reducing systemic risks by implementing a risk-based approach to supervision. This includes the conduct of annual stress testing, financial stability monitoring of collective investment schemes and conducting sector wide risk assessments.
The Trinidad and Tobago Securities and Exchange Commission continues to fulfil its mandate to regulate, protect and grow the local capital market and remain committed to our watchwords, ‘You Invest. We Protect. Everyone Benefits’.
- Advise the Honourable Minister of Finance on all matters related to the securities industry;
- Maintain surveillance over the securities market and ensure orderly, fair and equitable dealings in securities;
- Register, authorise or regulate self-regulatory organizations and market actors with a view to maintaining proper standards of conduct and professionalism in the securities industry;
- Regulate and supervise the timely, accurate, fair and efficient disclosure of information to the securities industry and the investing public;
- Conduct such inspections and examinations of self-regulatory organizations, broker-dealers, registered representatives, underwriters, issuers and investment advisers;
- Protect the integrity of securities markets against abuses arising from market manipulation, insider trading, conflicts of interest and unfair or improper practices;
- Educate and promote an understanding by the public of the securities industry and the benefits, risks and liabilities associated with investing in securities;
- Cooperate with and provide assistance to regulatory authorities in Trinidad and Tobago and elsewhere;
- Ensure compliance with the Proceeds of Crime Act and any other written law in relation to the prevention of money laundering and combating the financing of terrorism;
- Create and promote such conditions as may seem necessary to ensure the orderly growth and development of the capital market.
- Cooperate with other jurisdictions in the development of a fair and efficient securities industry and
- Assess, measure and evaluate risk exposure in the securities industry
The functions of the Commission as stipulated in Section 6 of the Act are generally to:
- Advise the Honourable Minister of Finance on all matters related to the securities industry;
- Maintain surveillance over the securities market and ensure orderly, fair and equitable dealings in securities;
- Register, authorise or regulate self-regulatory organizations and market actors with a view to maintaining proper standards of conduct and professionalism in the securities industry;
- Regulate and supervise the timely, accurate, fair and efficient disclosure of information to the securities industry and the investing public;
- Conduct such inspections and examinations of self-regulatory organizations, broker-dealers, registered representatives, underwriters, issuers and investment advisers;
- Protect the integrity of securities markets against abuses arising from market manipulation, insider trading, conflicts of interest and unfair or improper practices;
- Educate and promote an understanding by the public of the securities industry and the benefits, risks and liabilities associated with investing in securities;
- Cooperate with and provide assistance to regulatory authorities in Trinidad and Tobago and elsewhere;
- Ensure compliance with the Proceeds of Crime Act and any other written law in relation to the prevention of money laundering and combating the financing of terrorism;
- Create and promote such conditions as may seem necessary to ensure the orderly growth and development of the capital market.
- Cooperate with other jurisdictions in the development of a fair and efficient securities industry and
- Assess, measure and evaluate risk exposure in the securities industry
- Advise the Honourable Minister of Finance on all matters related to the securities industry;
- Maintain surveillance over the securities market and ensure orderly, fair and equitable dealings in securities;
- Register, authorise or regulate self-regulatory organizations and market actors with a view to maintaining proper standards of conduct and professionalism in the securities industry;
- Regulate and supervise the timely, accurate, fair and efficient disclosure of information to the securities industry and the investing public;
- Conduct such inspections and examinations of self-regulatory organizations, broker-dealers, registered representatives, underwriters, issuers and investment advisers;
- Protect the integrity of securities markets against abuses arising from market manipulation, insider trading, conflicts of interest and unfair or improper practices;
- Educate and promote an understanding by the public of the securities industry and the benefits, risks and liabilities associated with investing in securities;
- Cooperate with and provide assistance to regulatory authorities in Trinidad and Tobago and elsewhere;
- Ensure compliance with the Proceeds of Crime Act and any other written law in relation to the prevention of money laundering and combating the financing of terrorism;
- Create and promote such conditions as may seem necessary to ensure the orderly growth and development of the capital market.
- Cooperate with other jurisdictions in the development of a fair and efficient securities industry and
- Assess, measure and evaluate risk exposure in the securities industry