Notice is hereby given that cable and wireless (St Kitts and Nevis) ltd is fined the sum of $100,000.00 for breach of the securities (continuing disclosure obligations of issuers) regulations of the securities act cap. 21.16.
Source
A company that carries on the business of dealing in securities, or holds itself out as conducting such business, as defined in the legislation.
This market participant generally provides full broker dealer services including investment banking, buying and selling of securities, underwriting, holding discretionary and non-discretionary accounts, and providing investment advice.
The legislation informs that carrying on business dealing in securities, (whether acting as principal or agent) by way of business involves:
Principal is construed in accordance with the definition provided under PART IV of the Securities Act.A principal is generally an individual who is actively involved in the management and daily supervision of the business (for example trading, operational, sales, compliance and staff) of a Broker Dealer, Limited Service Broker or an Investment Adviser that is a company.
The Securities Act defines a Collective Investment Scheme as: - a unit trust; - an investment company; - investment contracts, investment programmes or any other arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income; and - any scheme that the Commission may deem to be a collective investment scheme for the purpose of the Securities Act.
This is defined under the Securities Act as any person to whom the property of the scheme is entrusted for safekeeping. A Collective Investment Scheme Custodian is generally legally responsible for holding the assets of a collective investment scheme on behalf of its participants.
A management company in relation to a collective investment scheme, as defined by the legislation is a company whose business is to manage the affairs of a collective investment scheme on behalf of its participants.
Self-Regulatory Organizations are institutions possessing statutory responsibility to regulate their members through the adoption and enforcement of rules governing fair, ethical and efficient practices. The following institutions may become licensed as Self-Regulatory Organisations under the Securities Act: (1) Exchanges(2) Broker - Dealer Associations;(3) Depositories;(4) Independent Share Registrars; and(5) Investment Funds Associations
A market, exchange, place or facility that provides for bringing together on a regular basis purchasers and sellers of securities, and sets rules for the execution of securities transactions or for the negotiation or conclusion of sales and purchases of securities, but does not include:
A company whose business is the provision of services for the clearing and settlement of transactions in securities.
A company whose business is the maintenance of the main record of shares of companies and of securities holders’ records of ownership and trading transactions.
Eastern Caribbean Securities Regulatory Commission (ECSRC)ECCB CampusP.O. Box 1855BasseterreSt. Kitts
Tel: (869) 465-2537 Ext. 3279Email: info@ecsrconline.org
