Securities and Exchange Commission
57-59 Dundonald Street
Port of Spain
June 29, 2007
An association of market actors in the Securities Industry has formally registered as a non-profit organization under the name of Securities Dealers of Trinidad and Tobago (SDATT)
The first annual meeting of the members of the Association was held on Friday 29th June at the 16th Floor conference room of the Central Bank of Trinidad and Tobago.
The Association elected its first Board of Directors at that meeting and invited the Chairman of the Trinidad and Tobago Securities and Exchange Commission Mr. Osborne Nurse to deliver the feature address on “The role of a Dealers Association in the Development of the Securities Industry in Trinidad and Tobago.
In delivering his address Mr. Nurse congratulated SDATT for the formation of such an association which to his mind was long overdue. He exhorted SDATT to set for itself two broad objectives. First, that it would act as an advocacy and trade association for its members and secondly, that it would act ultimately as a self regulatory organization registered as such by the Securities and Exchange Commission.
The Chairman urged the association to pay attention to the interests and needs of the general public and in particular the investing public since it was these publics who were responsible for the sustenance of the entire market. He advised that it would be most valuable if the association could make their voices heard in advocating not only for the protection of investors but also for greater opportunities to serve them well.
In closing Mr. Nurse stated that it was his view that the Association could make a significant impact and contribution to investor confidence and to the buoyancy and vibrancy of the market by ensuring that it addresses the issue of governance frontally and squarely.
He further urged them to establish a judicious balance between members’ interests and the interests of the investing public bearing in mind, the advice that the public interest must always take precedence over the private interests of the industry. He encouraged them to include strong independent membership of the Board of the Association and to invest such members with the authority to enforce the rules of the Association, the Exchange and the Securities Industry Act.
END OF RELEASE
Contact Arlene Stephen
Manager, Communications Securities and Exchange Commission
FOR FURTHER INFORMATION @ 627-4861(Phone) 624-2995 (Fax)