A prolonged period of falling prices usually brought on by the anticipation of a decline in economic activity. May also be characterized as a market where prices have fallen 20% or more from their most recent high. A bear market in securities is triggered when investors sell off securities, generally because they anticipate worsening economic conditions and falling corporate profits. As prices fall, widespread pessimism among investors causes the negative sentiment to be self-sustaining.

In relation to a security, means a person who enjoys the benefits of ownership of the security although that person may not be the registered owner of the security.

In relation to a security, means entitlement to the benefits of ownership of the security and includes direct ownership, ownership through a trustee, legal representative, agent or other intermediary, and a person shall be deemed to have beneficial ownership of a security, including an unissued security, if the person is the beneficial owner of a security convertible into the underlying security, or an option or right to purchase the underlying security or securities convertible into the underlying security –

• under all circumstances; or


• by reason of the occurrence of an event that has occurred and is continuing.

This is the price that a buyer is willing to pay for a security.

An account of a participant over which a person other than the participant exercises control pursuant to procedures established under Section 123 of the Securities Act, 2012. For example, a brokerage may lend money to account holders through a "margin account" which then allows the account holder to buy securities. A margin account can then become "blocked" if the market value of the securities purchased falls below the amount owed on the stocks. A blocked account is sometimes referred to as a "restricted account".

• According to the Securities Act, 2012, a clearing agency must not transfer, deal with or deliver securities in a blocked account without written instructions from the person who controls the account.

A group of individuals that are elected by shareholders to oversee the management of a company.

A debt investment in which an investor loans money to an entity (corporate or governmental). The funds are borrowed for a defined period of time at an agreed interest rate.

Bonds, also known as debt securities, are issued by companies/corporations, and governments to finance a variety of projects and activities. The issuer promises:

• paid interest, usually, but not always at a fixed rate, over the loan term, and


• to repay the loan principal at maturity, on time and in full.

An owner of a bond. Bondholders may be individuals or institutions such as corporations, banks, insurance companies and mutual funds. A bondholder is entitled to regular interest payments as due and return of principal when the bond matures.

A person engaging in, or holding himself out as engaging in, the business of—

• effecting transactions in securities for the account of others;


• buying or selling securities for his own account and who holds himself out at all normal times, as willing to buy and sell securities at prices specified by him; or


• such other activities as may be prescribed;

In contrast to a bear market, a bull market is characterized by optimism, investor confidence, and high expectations for a strong future. It is typically reserved for extended periods in which the prices of financial securities (stocks, shares, etc.) or commodities (tin, wheat, etc.) tend to rise because of persistent buying and only limited selling. Bull markets tend to last for months or even years.

An amalgamation, merger, arrangement, or similar transaction.

Any day on which institutions licensed under the Financial Institutions Act are open for the conduct of business in Trinidad and Tobago.

Regulations, ordinances, rules or laws adopted by associations, corporations, organisations or entities for the purpose of internal governance. By-laws define the rights and obligations of officers, persons and groups within an entity and provides rules for routine matters such as the convening of meetings etc.