Eastern Caribbean Securities Regulator Marks First Year Of Operation

by Carla Johnson, Investors Offshore.com

22 October 2002

Crispin Sorhaindo, Chairman of the Eastern Caribbean Securities Regulatory Commission (ECSRC) has expressed satisfaction at the progress made by the body during its first year of operation.

Since its establishment last October, the Commission has licensed six broker dealers, and is in the process of assisting four more regional providers to finalise their applications. Twenty-nine public companies have also registered with the ECSRC and will soon begin reporting to the watchdog on an annual and semi-annual basis, according to Mr Sorhaindo.

'This new entity, which is starting from scratch is responsible for licensing persons engaged in securities business, as well as regulating the conduct of securities business in the Eastern Caribbean Currency Union, so we must proceed carefully. Our staff is in place and our systems have been developed,' he observed on Thursday, adding that:

'The ECSRC has already been granted associate membership in the Council of Securities Regulators of the Americas (COSRA), and we expect to receive full membership in November.'

The sub-region's stock market, the Eastern Caribbean Securities Exchange (ECSE) also recently marked its first anniversary.

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