The following applicable legislation requires licensees of the Eastern Caribbean Securities Market (ECSM) to submit periodic and material reports to the ECSRC.
Licensees are required to file the following reports in the table below with the ECSRC. Licensees are also advised to reference the specific legislative provisions relevant to their jurisdiction to review the statutory reporting requirements.
LICENSEE REPORTING SCHEDULE| STATUTORY REPORT/FILING | FREQUENCY | FILING DUE DATE | LEGISLATIVE PROVISION | APPLICABLE PENALTIES FORNON-COMPLIANCE | SUBMISSION GUIDELINESAll mailed failings must be supplemented with electronic copies | |
|
Renewal of Licences
|
Annually
|
On or before
01 April
|
Licences and Fees Regulation: Section 9
|
Securities Act: Section 66 (1) (h)
|
‘The Commission may revoke a licence granted to a company under this Part if the company fails to pay its annual licence fee as prescribed on or before the anniversary of the day of the grant of its licence…’
|
All licences granted by the ECSRC are effective for one year.Licensees are required to apply for the renewal of their licences annually. Licence renewal forms accompanied by the prescribed fees are to be submitted annually to the ECSRC no later than the 1
of April.
|
|
Indemnity Insurance
|
Annually
|
On or before policy expiration date
|
Securities Act: Section 80
|
Securities Act: Section 155 (2) (b)
|
Contravention of this reporting requirement or failure to comply with any other provision of this Act, where the provision does not expressly create an offence or provide for a penalty. |
Provide evidence of the renewal of the broker-dealer’s indemnity insurance or fidelity bond.
|
|
FORM BD Q-1
|
Quarterly
(calendar year)
|
By the 15th working day after each calendar quarter end date
|
Securities Act: Section 132
Securities (Accounting and Financial Statements) Regulations:
Regulation 15
|
Reports are required as of the last day of the respective reporting period and must be submitted in an electronic downloadable format (ECSRC Ms Excel Template) to info@ecsrc.com or ecsrc@eccb-centralbank.org.
All electronic filings must be supplemented in print (hard copies) accompanied by a completed and stamped copy of the signature page in the filing template.
|
||
|
FORM BD Q-2
(Customer Transaction Report)
|
Quarterly (calendar year)
|
By the 15th working day after each calendar quarter end date
|
Conduct of Business Regulation: Section 15 (3)
|
Conduct of Business Regulation: Section 3
Securities Act: Disciplinary Offences: Section 141
|
Disciplinary offence:
A licensee who contravenes any provision of this Act, or any regulation made under this Act, is liable to disciplinary proceedings irrespective of any other action, whether criminal or civil, that may be taken against him by any person in respect of the same conduct
|
Guidelines for FORM BD-Q 1 applies
NB. Quarterly filings are to be representative of cumulative data up to the reporting period for the given calendar year. |
|
Audited Accounts
|
Annually
|
Within 90 days after the end of the financial year
|
Securities Act: Section 82 (1) and (2) (b)
|
Securities Act: Section 82 (2)
Securities Act: Section 155 (1) (b)
|
Contravention of this provision constitutes an offence, which is liable on summary conviction to a fine of one hundred thousand dollars and
If the offence is a continuing offence, the company is liable to a further fine not exceeding one thousand dollars for every day that the offence continues after conviction.
|
A licensee shall-
a) for the financial year beginning on the day on which it commences to carry on securities business; and
b) for each subsequent year,
submit to the Commission audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
|
|
Auditors Report
|
Annually
|
Within 90 days after the end of the financial year
|
Securities (Accounting & Financial Statement) Regulations: PART 111 Financial Statements and Returns Section 18 (2)
Conduct of Business Regulation: Section 37 (2)
|
Securities (Accounting & Financial Statement) Regulations 3
Securities Act: Disciplinary Offences: Section 141
|
Disciplinary offences:
A licensee who contravenes any provision of this Act, or any regulation made under this Act, is liable to disciplinary proceedings irrespective of any other action, whether criminal or civil, that may be taken against him by any person in respect of the same conduct
|
A separate Auditor’s report specific to the brokerage operations and pursuant the ‘contents’ specified under Regulation 18 (2) of the Securities (Accounting & Financial Statement) Regulations.
The Auditor’s report must be submitted together with its Annual Audited Financial Statements
|
|
Written Confirmation of Compliance
|
Annually
|
Within 90 days after the end of the financial year
|
Securities (Accounting & Financial Statement) Regulations: PART 111 Financial Statements and Returns Section 17 (1) (b)
|
Required to submit to the ECSRC confirmation in writing that it has complied with every regulation that it is required to comply in relation to the conduct of securities business.
|
||
| At the discretion of the Commission, the following actions may be taken for any contraventions of any provision of this Act and its accompanying Regulations: Penalties for Offences as prescribed under section 155 (2) (b);Revocation order as prescribed under section 66 (2) (e); and or Suspension Orders as prescribed under section 66 (3) (a). | ||||||
