Financial regulators sign information sharing Protocol

Caption: President of the Securities Dealers Association of Trinidad and Tobago (SDATT), Gregory Hill and Chairman of the Trinidad and Tobago Securities Exchange Commission (TTSEC), Prof. Patrick Watson sign a Protocol which will govern the relationship between the SDATT and the TTSEC at their first stakeholder outreach meeting at the Courtyard Marriot on January 8. Looking on is Chief Executive Officer of the TTSEC, Wainwright C. Iton

January 9, 2014: The Trinidad and Tobago Securities and Exchange Commission (TTSEC) signed a historic Memorandum of Understanding with fellow regulator in the financial sector, the Central Bank of Trinidad and Tobago at the Hyatt Regency on Monday and executed a Protocol, governing their relationship with the Securities Dealers Association of Trinidad and Tobago (SDATT) yesterday January 8.

The Commission signed a Protocol with the Securities Dealers Association which seeks to treat with certain outstanding technical issues in the implementation of the Securities Act.

Additionally the TTSEC is currently working on the details of an  MOU with the Financial Intelligence Unit, the third regulator within the financial services industry and is expected to finalize and sign the agreement by February of this year.

The MOU between the Commission and the Central Bank represents a common understanding by the two authorities about how they will consult, cooperate, and exchange information for regulatory enforcement purposes.

It will serve to promote integrity, efficiency and financial soundness of the capital market. The signing  also represents a pledge by both regulators to use reasonable efforts to provide any information that they discover that relates either to the safety and soundness of any Financial or Licensed Entity under their regulatory supervision or the efficiency of the securities market.

This landmark event comes on the heels of the TTSEC joining a select group of 99 organizations to become a Full Signatory to the International Organization of Securities Commissions’ (IOSCO) Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information in June of 2013. IOSCO is an association of Commissions which regulate the world’s securities markets.

By becoming a full signatory, Trinidad and Tobago will benefit from sharing information with foreign regulators; enhanced international reputation and credibility; and increased investor confidence in its market for securities.

The passage of the Securities Act 2012 in December 2012 greatly assisted Trinidad and Tobago’s application in becoming a Full Signatory. The Act has, at its core, the promotion of regulatory cooperation, enhancement of disclosure obligations, strengthening of the regulatory framework, fostering transparency, an increase of the TTSEC’s enforcement powers and greater emphasis on prosecuting market misconduct and manipulation.

Chairman of the TTSEC, Professor Patrick Watson gave his commitment on Monday that, in order to ensure continued growth and financial stability of the market, while simultaneously protecting investors, the TTSEC will be constantly re-evaluating the conceptual framework and operational regime for the regulation of the industry, and will continue to actively collaborate with all key stakeholders to ensure the building of confidence in the financial system as a whole and the strengthening of the economic foundation of the country.

Patrick Watson
Wainwright Iton
Gregory Hill
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