According to reports in the Barbados media, the government has released details of a draft of a new Securities Commission Bill which will see a major overhaul in the way the local securities and capital markets are organised under the supervision of a new Securities Commission.
Under the draft law, which is up for parliamentary debate within a few weeks, the new Commission will be awarded a range of powers and responsibilites including monitoring the securities market to ensure that transparent dealings take place; it will also advise government ministers on matters relating to the securities market. It will have the power to penalise people who violate the rules with fines and jail terms.
According to the Barbados Advocate publication, a further role included in the draft is to 'register, authorise or regulate, in accordance with this act, self-regulatory organisations, securities companies, brokers, dealers, traders, underwriters, issuers and investment advisers, and control and supervise their activities with a view to maintaining proper standards of conduct and professionalism in the securities business.'
The proposed law also details certain roles the Central Bank of Barbados would be required to fulfill in its support of the Commission. The law notes: 'Where the Commission takes any disciplinary action against a financial institution or any other institution that falls under the supervision of the Central Bank or an employee of any such institution, the Commission shall forthwith inform the Central Bank of the disciplinary action so taken.' Another provision stipulates that the Commission would 'consult and co-operate with the Central Bank or any other agency that exercises regulatory authority under an enactment over a financial institution, insurance company or other body in order to minimise duplication of effort to maximise the protection of investors.'
The Securities Exchange of Barbados will be given the new title of Barbados Stock Exchange but its operations will remain the same.
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