PORT OF SPAIN, Trinidad, Oct 29, CMC – Trinidad and Tobago could be blacklisted by the International Organization of Securities Commissions (IOSCO) if it fails to enact legislation aimed at strengthening the regulatory and supervisory regime, Finance Minister Larry Howai has said.
Addressing the two-day Council of Securities Regulators of the Americas (COSRA) meeting here on Monday, Howai said that the Kamla Persad Bissessar led coalition People’s Partnership government intends to bring the appropriate legislation to parliament this week.
He said it is intended to replace the existing Securities Industry Act, 1995 and includes strengthening protection for investors from unfair, improper or fraudulent practices; fostering fair and efficient capital markets, promoting confidence in the securities industry in Trinidad and Tobago and reducing systemic risk.
“This Bill seeks to address deficiencies in the previous Bill relating to regulator access to records of market participants, sharing information with other regulators, record-keeping and confidentiality provisions.
“Failure to enact this Bill into law this year will result in Trinidad and Tobago being blacklisted by IOSCO.
(Details in Business section)