Trinidad and Tobago Securities and Exchange Commission has been faced with certain challenges to the application of the Securities Act, 2012 (the SA 2012) and the Securities (General) By-laws, 2015, as they relate to the registration of Collective Investment Schemes (CISs) constituted via trust. These challenges are based on the fact that the SA 2012 contemplates that any “person” that distributes a security must be registered as a Reporting Issuer. The SA 2012 also contemplates that the definition of person includes a “trust”. As a consequence, any CIS that is constituted via trust must be:
- registered with the Commission as a Reporting Issuer in accordance with Section 61(1) of the SA 2012; and
- registered with the Commission as a security in accordance with Section 62(1) of the SA 2012.
Read more here—> Registration of Trust Form Collective Investment Schemes
