Requirements for Investment Advisor Licence
The Securities Act requires that an entity satisfy the following conditions to qualify for an investment advisor licence:
- An applicant could be a company registered or incorporated under the Companies Act of a Member Territory or an individual resident in a Member Territory.
- If the applicant is a company, it must employ at least two persons licensed by the ECSRC to operate in the ECSM; one must be licensed as a principal and another as a representative and both must have successfully completed the ECSM Certification Examinations.
- The applicant must have paid-up capital of no less than Two Hundred and Fifty Thousand Caribbean Dollars (EC$250,000.00).
- The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the ECSRC.
- The applicant must be a company or individual of good reputation and character. If the applicant is a company, the directors and officers of the applicant must be persons of good character and reputation. The directors and staff of the applicant should have the requisite education, qualifications and experience to perform the service for which the licence is required.
- If the applicant is an individual, he/she must have the requisite education, qualifications and experience to perform the service for which the licence is required.
- The applicant must have sufficient financial resources to undertake the services for which the licence is required.
- The applicant must have premises acceptable to the ECSRC. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
- As part of the licensing process, physical on-site due diligence examinations of the applicant’s specified business premises may be conducted by the ECSRC. The costs of which will be borne by the applicant. Physical onsite due diligence examinations may include examinations during: 1) the application / pre-licensing phase; and 2) post licensing. The costs associated with the physical on-site due diligence examinations are separate from the fees prescribed by the Securities (Licences and Fees) Regulations.
- The ECSRC on approval of an application for a licence, shall grant a licence to the applicant on payment by the applicant of a licence fee of:
- Three Thousand Eastern Caribbean Dollars (EC$3,000.00) in the case of a company; and
- Four Thousand Eastern Caribbean Dollars (EC$4,000.00) in the case of an individual.
- Licences are to be renewed annually on 1 April. On application for renewal of a licence, the ECSRC, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee of:
- Two Thousand Eastern Caribbean Dollars (EC$2000.00) in the case of a company; and
- Two Thousand Five Hundred Eastern Caribbean Dollars (EC$2500.00) in the case of an individual.
Documents to be submitted - Companies
A duly completed application form (typewritten) by a company for an Investment Adviser Licence (FORM 3) shall be accompanied by documents similar to that required for a broker-dealer licence.
Documents to be submitted - Individuals
An individual wishing to apply for an investment adviser licence must submit a duly completed (typewritten) application form (Form2). This form shall be accompanied by the following documents (or copies):
- A non-refundable application fee of One Thousand Eastern Caribbean Dollars (EC$1,000.00)
- Certified copies of the applicant’s highest degree or professional qualification and proof of other qualifications held; including certified copies of professional licences held
- Copy of current curriculum vitae
- Register of Interest in Securities – completed copy of ECSRC FORM 5
- Banker’s reference. This should give appreciation of financial integrity, reputation and inform length and nature of relationship
- Notarized copy of a valid form of picture identification, namely a passport or other form of government issued identification
- Two Letters of Recommendation completed by each of the two persons identified as character references.
Please refer to the General Application Procedures for more information on how to apply.
