The Trinidad and Tobago Securities and Exchange Commission (TTSEC) has become a Full Signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). The decision was made on Wednesday 19 June 2013, at a meeting of the Board of the International Organization of Securities Commissions (IOSCO) in Montréal, Canada. As at November 2014, there are 103 full signatories to the IOSCO MMoU.
The MMoU is a tool used by securities regulators to help ensure effective regulation and to preserve and strengthen the international securities market. It represents a common understanding amongst its signatories about how they will consult, cooperate, and exchange information for securities regulatory enforcement purposes. This agreement provides a mechanism through which signatories share essential investigative material, such as beneficial ownership information, and securities and derivatives transaction records such as bank and brokerage information. According to IOSCO, “the increase in the number of signatories over the last decade has led to a sharp upsurge in cross-border cooperation, enabling regulators to investigate a growing number of insider traders, fraudsters and other offenders.”
By becoming a Full Signatory, Trinidad and Tobago will benefit from:
o Information shared by foreign regulators;
o An enhanced international reputation and credibility; and
o Increased investor confidence in its market for securities.
Trinidad and Tobago, through the Commission, has joined other Signatories who have pledged their commitment to eradicate potential safe havens for criminal activities. New signatories to the MMoU also contribute to strengthening IOSCO´s international enforcement network.
The TTSEC, as the regulator of the securities industry in Trinidad and Tobago, remains committed to the promotion of investor confidence, fairness and the orderly growth of the local capital market.
More about IOSCO:
The International Organization of Securities Commissions (IOSCO) is an association of entities that regulate the world’s securities, capital and futures markets. This association has members from over 100 countries, which regulate more than 95% of the world’s securities markets and has a primary role of assisting its members to promote high standards of regulation. IOSCO acts as a forum for national regulators to cooperate with each other and other international organizations. The IOSCO Board is the governing and standard-setting body of the IOSCO, and is made up of 34 securities regulators. The members of the IOSCO Board are the securities regulatory authorities of Argentina, Australia, Belgium, Brazil, China, Egypt, France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Jamaica, Japan, Kenya, Korea, Malaysia, Mexico, the Netherlands, Nigeria, Ontario, Pakistan, Peru, Quebec, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States.
On Wednesday April 09 2014, at the offices of the Financial Services Commission in Barbados, SEC Chairman, Professor Patrick Watson signed the Caribbean Group of Securities Regulators’ (CGSR) Multilateral Memorandum of Understanding (MMoU) for the Exchange of Information, Cooperation and Consultation. Also signing this Memorandum were executives from the Eastern Caribbean Securities Regulatory Commission, Financial Services Commission of Jamaica and the Financial Services Commission of Barbados.