Based on the Securities Act, Chapter 83:02 of the Laws of the Republic of Trinidad and Tobago (the “Act”), an Investment Adviser is a person engaging in, or holding himself out as engaging in, the business of providing investment advice, and includes a person that provides investment advice to a manager of a collective investment scheme.
Section 51(1)(b) of the Act indicates that persons who wish to conduct activities as an Investment Adviser must be registered by the Commission. By-law 19 of the Securities (General) Bye-Laws, 2015 (the “By-laws”) identifies some of the pre-requisites for registration as an Investment Adviser. Both corporate entities and individuals/natural persons can be registered as Investment Advisers.
Additional details on the information required for registration of Investment Advisers can be found in these checklists:
Application Requirements (Corporate-Form)
The Checklist for Registration of an Investment Adviser – Corporate Form provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of Investment Advisers (Corporate-Form).
Applicants must:
• Apply for registration as an Investment Adviser in accordance with Section 51(1) of the Act;
• Apply for registration of at least two (2) of its officers as Registered Representatives in accordance with Section 51(2) of the Act;
• Meet the minimum capital requirement of TT$50,000 which must be held in the form of “Regulatory Capital”;
• Apply for the registration of any branch offices at which it wishes to conduct investment advisory services, in accordance with Section 56(6) of the Act;
• Complete and submit the relevant Forms outlined in the section below.
Forms
- Form 2A (mandatory);
- Form 3A (the Form 3B must also be completed by the applicant and maintained in its records, it does not need to be submitted in the application package) for the registration of Registered Representatives.
(Please see this Checklist for the Registration of a Registered Representative which outlines the documents typically required for the registration of Registered Representatives);
- Form 5 for Approval of Substantial Shareholders.
(Please see this Checklist for the approval of a Substantial Shareholder which outlines the documents typically required for the approval of Substantial Shareholders);
- Form 7 for Registration of Branch Offices.
(Please see this Checklist for Registration of a Branch Office of a Market Intermediary which outlines the documents typically required for the registration of Branch Offices.)
Application Requirements for Renewal of Registration (Corporate-Form)
The Checklist for Renewal of Registration of an Investment Adviser – Corporate Form provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of Investment Advisers (Corporate-Form).
Applicants must:
- Apply for the renewal of registration as an Investment Adviser in accordance with Section 51(1) of the Act;
- Ensure that at least two (2) of its officers are registered as Registered Representatives in accordance with Section 51(2) of the Act;
- Meet the minimum capital requirement of TT$50,000 which must be held in the form of “Regulatory Capital”;
- Apply for the registration of any branch offices at which it wishes to conduct investment advisory services, in accordance with Section 56(6) of the Act;
- Complete and submit the relevant Forms outlined in the section below.
Forms
- (mandatory) Form 2A
- Form 3A (Please see this Checklist for the Registration of a Registered Representative or this Checklist for the Renewal of Registration of a Registered Representative which outline the documents typically required for the registration or renewal of registration of Registered Representatives as applicable);
- Form 7 for Registration of Branch Offices.
(Please see this Checklist for Registration of a Branch Office of a Market Intermediary or this Checklist for the Renewal of Registration of a Branch Office which outline the documents typically required for the registration or renewal of Registration of Branch Offices as applicable.)
The items identified above are a summary of the requirements for an application for the registration of a Broker-Dealer, however, please note that the list is non-exhaustive.
The detailed break-down of requirements are provided within the respective checklists that were identified above.
Application Requirements for Registration (Individual)
The Checklist for Registration of an Investment Adviser – Individual provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of Investment Advisers (Corporate-Form).
Applicants must:
- Apply for registration as an Investment Adviser in accordance with Section 51(1) of the Act by completing and submitting the Form 2B;
(Please see this Checklist for the Registration of an Investment Adviser which outlines the documents typically required for the registration of an Investment Adviser (Individual)); - Meet the minimum capital requirement of TT$50,000 which must be held in the form of “Regulatory Capital”
Application Requirements for Renewal of Registration (Individual)
The Checklist for Renewal of Registration of an Investment Adviser – Individual provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of Investment Advisers (Corporate-Form).
Applicants must:
• Apply for renewal of registration as an Investment Adviser in accordance with Section 51(1) of the Act by completing and submitting the Form 2B;
• Meet the minimum capital requirement of TT$50,000 which must be held in the form of “Regulatory Capital”
The above is a summary of the requirements for an application for the registration of an Investment Adviser, however, please note that the list is non-exhaustive.
The detailed break-down of requirements are provided within the checklist identified above.
Registration Fees
No. | Type of Registrant | Annual Registration Fee (TTD) |
1. | Investment Adviser (Corporate Form) | $15,000 |
2. | Investment Adviser (Individual) | $10,000 |
The fees outlined in the table above do not include the fees payable for:
• Registration of Registered Representatives – TT$2,000 per person
• Approval of Substantial Shareholders – TT$1,000 per person
• Registration of Branch Offices – TT$3,000 per branch office
Please see here for a detailed list of the Commission’s fees: Fee Schedule
Kindly note that fees are payable in advance and are non-refundable.