Eastern Caribbean Securities Commission Due Soon

Mandy Robinson, Tax-news.com, London

27 November 2000

Members of the Organisation of Eastern Caribbean States are expected to sign an agreement which will lead to the creation of a Securities Commission for the Eastern Caribbean region.

According to the director of the Eastern Caribbean Central Bank’s (ECCB) Financial Enterprise Development Unit, James Flemming, the commission will act for the securities market in the Eastern Caribbean as part of the region's aim to establish a legal and regulatory framework for the sector. Mr Flemming has confirmed that the commission was approved by the Bank's Monetary Council: 'A decision was taken by our Monetary Council in October, to submit the agreement to the OECS heads of government,' he said.

The Monetary Council's minutes of the October meeting stated: 'the council noted the status of plans to implement the Eastern Caribbean Securities Market and approved the draft Eastern Caribbean Securities Regulatory Commission agreement and recommended that the respective member governments sign and ratify the agreement as soon as possible.'

The Organizational Structure comprises two technical divisions, the Export Development Division and the Agricultural Diversification Division, as well as the Information and Market Intelligence Unit, under the general support of an Administration and Finance Department. Members include Antigua and Barbuda, Dominica, St Vincent and the Grenadines, St Kitts and Nevis, Montserrat and Grenada.

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