TTSEC signs a Protocol with SDATT
January 9, 2014: The Trinidad and Tobago Securities and Exchange Commission (TTSEC) conducted its first stakeholder outreach meeting for 2014 with the Securities Dealers Association of Trinidad and Tobago (SDATT) and executed a protocol governing their relationship at the Courtyard Marriott Hotel on January 8th, 2014.
The TTSEC-SDATT protocol recognises and formalizes the ongoing collaborative working relationship between the TTSEC and SDATT. The premise of this Protocol is that both the Commission and SDATT wish to engender and nurture a long term, positive relationship wherein members from both organisations have an opportunity to consult with each other and work together to identify and address industry concerns.
This Protocol emanates from the responsibility of the Commission to co-operate with, provide information to, and receive information from other self-regulatory bodies or organizations which arises by virtue of section 19(2) of the Securities Act 2012 (‘SA 2012’). Whilst there is no legal requirement for the creation of a Protocol between the two entities, the Commission believes that it will go a long way in mitigating and alleviating issues that have arisen over time regarding the regulation of the industry.
At the stakeholder meeting, the TTSEC presented an update to the members of SDATT on the Preparation of the Securities Sector for the 4th Round Caribbean Financial Action Task Force (CFATF) Mutual Evaluation and facilitated a presentation through PricewaterhouseCoopers entitled “An Introduction to the Foreign Account Tax Compliance Act (FATCA)”