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The following persons do not require an investment adviser licence to give advice on securities:
It is a statutory requirement that licensees comply with the Standards of Conduct provisions under PART V, Conduct of Securities Business, of the Securities Act. Section 71 of the Securities Act outlines the thirteen Standards of Conduct provisions as follows:
'...In the conduct of securities business, a licensee shall at all times act according to the principles of best practice and, in particular, shall -
Every licensee is also subject to the provisions of the Securities (Conduct of Business) Regulations.
No. Unlike a broker dealer, a limited service broker is precluded from:
More information on limited service brokers can be accessed via Licensee/Prospective Licensee Resources.
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.
The ECSRC may revoke a licence granted to a company under Part IV of the Securities Act if -
The ECSRC may also revoke a licence at the request of the licensee.
The ECSRC may revoke a licence granted to an individual under Part IV of the Securities Act if that individual -
The ECSRC may also revoke a licence at the request of the licensee.
A person (company or individual) may be regarded as carrying on business dealing in securities if that person (whether acting as principal or agent) by way of business makes or offers to make an agreement with another person to enter into or offer to enter into an agreement, for or with a view to acquiring, disposing of, subscribing for or underwriting securities or in anyway effects or causes to effect a securities transaction; or manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person.
Such a person must be licensed by the ECSRC.
A person is regarded as carrying on business giving advice on securities if he, by way of business -
The division of Market Regulation establishes and maintains appropriate standards for fair, orderly and efficient securities dealings in the Eastern Caribbean Securities Market. The division:
Any person who carries on business requiring the grant of a licence under Part IV of the Securities Act without holding such a licence, or other than in accordance with his licence, commits an offence and is liable on summary conviction -
A person convicted of such an offence shall, following an assessment by the ECSRC, be liable to pay to the ECSRC, any monies received or the monetary equivalent of any assets obtained as a result of carrying on securities business without a licence.
A broker dealer is a company that carries on the business of dealing in securities, or holds itself out as conducting such business, as defined in the legislation. This market participant generally provides full broker dealer services including investment banking, buying and selling of securities, underwriting, holding discretionary and non-discretionary accounts, and providing investment advice. The legislation informs that carrying on business dealing in securities, (whether acting as principal or agent) by way of business involves:
A licensee refers to a person (individual or company) licensed under Part IV of the Securities Act. The following persons are considered licensees:
Securities intermediaries are entities licensed under the Securiites Act 2001 by the ECSRC to provide the following services:
A person whose licence is revoked or suspended under PART IV of the Securities Act is deemed not to be licensed from the date of notification of revocation or suspension, as the case may be. The suspension or revocation of a license does not operate so as to –
The ECSRC maintains a Register of Licensees which provides the following information on licensees, as well as licensed market institutions:
The register may be view via this link. The register is open to inspection by members of the public.
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