The Commission regulates the securities market by, among other things, registering:
- market intermediaries;
- employees and officers of market intermediaries;
- securities (for public distribution); and
- issuers of securities.
The registration process ensures that companies and individuals provide the Commission with key information on:
- their operations;
- their management;
- financial position; and
- in certain cases, the securities they intend to distribute.
Who Needs to be Registered?
Both firms and individuals that conduct securities related activities are required to be registered. These persons are registered based on specific classification criteria. Each category or classification has specific requirements and permits different activities.
Authorized CIS Service Providers
Authorized CIS Service Providers are companies that provide services to Collective Investment Schemes must be authorized by the Commission. These include:
- Custodians: provide custody and safekeeping of scheme assets.
- Responsible Persons: supervise the operations and management of a CIS, ensuring compliance with offering documents, governing legislation, and industry best practices.
Only companies can be Authorized as CIS Service Providers.
Branch Offices
A branch office is a local, physically separate location of a business or organization that conducts similar activities to the main office, but it does not constitute a separate legal entity from the parent company.
Broker-Dealers
A Broker-Dealer acts as an intermediary between buyers and sellers of securities.
- As a Broker: executes orders on behalf of clients.
- As a Dealer: trades for the firm’s own account.
Broker-Dealers may also function as Underwriters and/or Managers of Collective Investment Schemes. Given the provisions of the Securities Act, Chapter 83:02 of the Laws of the Republic of Trinidad and Tobago (the “Act”) only companies can be registered as Broker-Dealers
Restricted Broker-Dealers / Collective Investment Scheme (CIS) Managers
A Restricted Broker-Dealer / Collective Investment Scheme (CIS) Manager is a Broker-Dealer whose activities are limited to managing Collective Investment Schemes ONLY. Given the provisions of the Securities Act, Chapter 83:02 of the Laws of the Republic of Trinidad and Tobago only companies can be registered as Restricted Broker-Dealers/ Collective Investment Scheme (CIS) Managers.
Investment Advisers
An Investment Adviser provides advice to clients on investing in, buying, or selling securities. Both corporate entities and individuals/natural persons, can be registered as Investment Advisers.
Registered Representatives
Registered Representatives are senior officers, agents or employees of registered Broker-Dealers, Investment Advisers or Underwriters who interact with the public in relation to securities-related activities. Registered Representatives are individuals or natural persons.
Reporting Issuers
A Reporting Issuer is a company that either plans to distribute or has distributed securities to the public.
Self-Regulatory Organisation (SRO)
A Self-Regulatory Organisation (SRO) is an organisation with the authority to create and enforce industry rules and standards, protecting investors by promoting ethics and fairness. Generally, SROs tend to function securities exchanges or clearing agencies.
Sponsored Broker-Dealer / Sponsored Investment Adviser
A Sponsored Broker-Dealer or a Sponsored Investment Adviser is an individual employed by a foreign brokerage or investment firm who is sponsored by a local registrant. These persons may conduct securities-related activities in Trinidad and Tobago for up to 90 days per calendar year.
Substantial Shareholder
A Substantial Shareholder is an individual who owns 10% or more of a Broker-Dealer, Investment Adviser, or Underwriter. A substantial shareholder is an individual or natural person, and not a company. Such an individual must be approved by the Commission as “fit and proper.”
Underwriter
An Underwriter is a company that arranges the issuance or distribution of securities and may agree to purchase unsold securities, guaranteeing subscription in part or in full.
What Needs to be Registered?
Securities that are intended to be listed on a securities exchange and/or distributed to the public of Trinidad and Tobago are required to be registered with the Commission.
Securities are also registered by type. Common categories include, but are not limited to:
- Equity – Shares representing ownership of a company.
- Bonds – Debt instruments where the issuer borrows from investors and agrees to repay principal on maturity, with periodic interest payments.
- Collective Investment Schemes (Mutual Funds) – Pooled investments managed by a fund manager, who invests according to the fund’s objectives.