Download FR08/16 Country Review of Republic of Trinidad and Tobago's Implementation of IOSCO PDF

TitleFR08/16 Country Review of Republic of Trinidad and Tobago's Implementation of IOSCO
File Size942.3 KB
Total Pages114
Table of Contents
                            I.  Summary
II.  Introduction
III.  Information and Methodology Used for the Assessment
IV.  Institutional and Regulatory Structure
V.  Overview of the Capital Markets
VI.  Principle-by-Principle Assessment of Implementation:  Main Findings and Recommendations for Action
Table 1:  Summary Implementation of the IOSCO Principles – Main Findings
Table 2: Recommended Action Plan to Improve Implementation of the IOSCO Principles
VII.  Priority Recommended Actions
VIII.  The Response of the Authorities
IX.  Detailed Assessment
Table 3:  Detailed Assessment of Implementation of the IOSCO Principles
Document Text Contents
Page 1

Country Review: Republic of Trinidad and Tobago
IOSCO Objectives and Principles of Securities

Detailed Assessment of Implementation



FR08/16 August 2016

Page 2


Copies of publications are available from:
The International Organization of Securities Commissions website

© International Organization of Securities Commissions 2016. All rights reserved. Brief
excerpts may be reproduced or translated provided the source is stated.

Page 57


in the Gazette and in two daily newspapers of general circulation in Trinidad
and Tobago; or shall post on the website of the TTSEC and issue a notice in
two daily newspapers of general circulation in Trinidad and Tobago notifying
the public of such posting.

The TTSEC’s website also provides links to its legislative regime. Legislation
is posted in the Trinidad Gazette and is also available free of charge on the
website of the Ministry of Legal Affairs.

After a proposed By-Law is published as described above, the TTSEC must
provide a “reasonable” opportunity to interested persons to make
representations with respect to the proposed By-Law. In this context,
“reasonable” may be considered to be a time limit that would allow the parties
sufficient time to provide the TTSEC with the relevant information, without
unduly prolonging prohibited activity or due process in a manner that may
adversely affect the market. In practice, the TTSEC would provide an initial
period of 2-3 weeks while granting requests for extensions as per the relevant

Where the TTSEC intends to issue Guidelines under the SA 2012 it is also
required to publish draft Guidelines and to consult with the Minister, market
actors, and other relevant stakeholders who may be affected by the draft
Guidelines. In contrast to the procedure for By-Laws the statue does not
prescribe a formal process that this consultation must follow.

In cases where there is urgency regarding an opinion of the TTSEC, any matter
proposed to be dealt with in Guidelines or by an amendment thereof, the
TTSEC shall issue the Guidelines or amendment thereof, without following the
process referred to above. In this case, these Guidelines would be effective for
90 days, unless replaced by Guidelines issued, following consultation with the
Minister, as described above.

Regard to the Costs of Compliance

In terms of having regard to the costs of compliance with regulation in the
formulation of policy, the TTSEC does not apply an impact analysis test with
respect to examining the likely impacts of proposed regulations and a range of
alternative options which could meet the regulatory objectives. The process of
formulating regulatory policy however, is informed by effective consultation
with key market players in terms of the applicability and the likely impact of
changes to their general operations.

Transparency and Confidentiality

Prior to the making of an adverse decision or finding against a person, the
TTSEC is required to provide all persons directly affected by the Order with an
opportunity to be heard. Upon making an Order in writing, the TTSEC must
state the findings of fact on which the Order is based and the reasons therefor.
A copy of the Order must be given to each person entitled to notice and who
appeared at the Hearing and be published as necessary.

With regard to general administrative decisions of the TTSEC, that is, where a
formal Order is not required to be produced such as where the TTSEC refuses
to register, reinstate or renew the registration of an applicant, it must notify the
applicant in writing of its decision giving its reasons for doing so.

Page 113


Not Assessed

Principles for Secondary Markets

Principle 33

The establishment of trading systems including securities exchanges
should be subject to regulatory authorization and oversight.

Not Assessed

Principle 34

There should be ongoing regulatory supervision of exchanges and trading
systems which should aim to ensure that the integrity of trading is
maintained through fair and equitable rules that strike an appropriate
balance between the demands of different market participants.

Not Assessed

Principle 35

Regulation should promote transparency of trading.

Not Assessed

Principle 36

Regulation should be designed to detect and deter manipulation and other
unfair trading practices.

Not Assessed

Principle 37

Regulation should aim to ensure the proper management of large
exposures, default risk and market disruption.

Not Assessed

Principles Relating to Clearing and Settlement

Principle 38

Securities settlement systems and central counterparties should be subject
to regulatory and supervisory requirements that are designed to ensure
that they are fair, effective and efficient and that they reduce systemic

Not Assessed

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