The Eastern Caribbean Securities Regulatory Commission, the ECSRC, is advising firms and individuals involved in securities business in the Eastern Caribbean Currency Union of the need to be licensed by the Commission.
The advisory, issued in accordance with section 163 of the Securities Act 2001, warns that all persons engaging in any securities related business, without a licence from the Commission, may be brought before a Magistrate's Court, where they will be liable, on conviction, to a fine of up to $100,000, a term of imprisonment, or both. Companies convicted of similar offences may be fined up to $200,000, and both companies and individuals may be charged an additional penalty of $1000 for each day that the offence continues after the conviction.
The ECSRC is therefore inviting all broker dealers, limited service brokers, investment advisors and the principals and representatives of these firms, as well as collective investment schemes such as unit trusts and investment funds and the custodian and management companies of these schemes to apply for a licence.
Application forms may be obtained from the office of the Eastern Caribbean Securities Regulatory Commission at the ECCB Financial Complex, Bird Rock St. Kitts.
