Frequently Asked Questions

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Some of the ways in which the ECSRC serves to protect investors are:

  • Monitoring the ECSM to ensure that licencees conduct their business in full observance of their fiduciary obligation to their customers; and
  • Ensuring that licensees (companies and individuals) who advise investors and provide securities investment business services adhere to the Standards of Conduct prescribed in the Securities Act and its accompanying Business Conduct Regulations.

Saving involves the protection and preservation of money from loss. It is the process of putting cash aside in extremely safe and liquid (meaning they can be accessed in a very short time) accounts. Investing, on the other hand, is the process of using money to purchase an asset that you think will generate an acceptable return over time. This however involves risk which may result in loss.

Participating in the ECSM has the potential to provide alternative sources of financing for firms and alternate sources of revenue for investors.

The ECSRC’s goals are to:

  1. Deliver effective investor protection;
  2. Deliver relevant regulation;
  3. Deliver strong supervision;
  4. Deliver effective compliance and enforcement programmes;
  5. Deliver effective public education programmes;
  6. Operate an efficient, accountable organisation;
  7. Support and promote the development of a regional securities market in the Eastern Caribbean Currency Union;
  8. Support and promote financial sector stability; and
  9. Cooperate with similar organisations for the effective regulation of capital markets.

The Eastern Caribbean Securities Regulatory Commission is located in St Kitts and Nevis at the Eastern Caribbean Central Bank’s Financial Complex.

The ECSRC is comprised of five part-time Commissioners - two Commissioners from persons nominated by the Member territories, two Commissioners from persons nominated by the Chambers of Industry and Commerce, the Institutes of Chartered Accountants and the Bar Associations or from such other relevant professional bodies of the Member territories, and one Commissioner nominated by the Eastern Caribbean Central Bank. The selected nominees areappointed by the Monetary Council of the Eastern Caribbean Central Bank for terms of three to five years, with opportunity for reappointment.

The daily operations of the ECSRC are carried out by the ECSRC Secretariat which is managed by the Secretary. The ECSRC Secretariat is divided into four divisions, namely Administration, Market Regulation, Legal, Compliance and Enforcement and Corporation Finance. The ECSRC booklet outlines the functions of each division.

The primary functions of the ECSRC are to:

  • maintain the integrity of the ECSM;
  • protect investors;
  • promote market efficiency; and
  • facilitate market development.

The ECSM is the financial sector of the ECCU in which transactions relating to the sale and purchase of securities take place.

The Eastern Caribbean Securities Regulatory Commission is a body corporate responsible for the regulation of the securities market, exchanges, persons engaged in securities business and the public issue of securities in the Eastern Caribbean Currency Union (ECCU).

The law makes provision for any offences committed against the Securities Act. Notwithstanding, the commencement of criminal proceedings for a violation of the Securities Act, the law makes provision for civil action at the suit of a person who suffers pecuniary loss as a result of a contravention.

You should make a complaint directly to the company.  If your complaint is unresolved and the matter has occurred within the Eastern Caribbean Currency Union[1], make a complaint to the ECSRC.

[1]Member Territories of the Eastern Caribbean Currency Union included: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.

A potential investor should check with the regulators (domestic and offshore) in the territory to determine if an investment opportunity is recognised and regulated. In addition, it may be considered prudent that persons/entities be suspicious about unsolicited emails, phone calls, letters, etc. that offers investment advice about products or services. If necessary, contact a lawyer, licensed broker dealer or licensed investment advisor to conduct research on the investment opportunity.

The ECSRC will not publicly disclose the existence of an investigation or details regarding an investigation, as disclosure may affect the outcome. In the investigation phase, the ECSRC will keep all investigations confidential so as to reduce the risk of potential harm to the character of the person/ entity under investigation if no further action is taken. If further action is taken, the investigation would be tried in a court of law.

Each country has enacted the Securities Act, which governs the securities market in the Eastern Caribbean Currency Union. In addition, there are subsidiary legislation in the form of Regulations and Rules. The purpose of the laws is to provide protection of investors in securities through a regional Eastern Caribbean Securities Regulatory Commission (ECSRC), by regulating the securities market, exchanges and persons engaged in securities business, and by regulating the public issue of securities and to provide for related matters.

Any person wishing to apply for any of the licences granted by the ECSRC may do so in accordance with the ECSRC'S application and licensing requirements. For more information on the ECSRC'S application and licensing requirements please visit here.

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