Montserrat Securities Exchange License_Guidelines
Montserrat Securities Exchange License
The Securities Act of 2008, provides regulations on Montserrat Securities Exchange License. The license is regulated by Financial Services Commission Montserrat and the Eastern Caribbean Securities Regulatory Commission.
Subject to the Securities Exchange License, an applicant acan be able to carry on the below businesses:
- a broker dealer;
- limited service broker;
- an investment adviser;
- a custodian;
- a principal of a broker dealer, limited service broker or corporate investment adviser; or
- a representative of a broker dealer, limited service broker or investment adviser,
For the purposes of subsection (1) of the Act a person who sells securities includes a person who:
- Purports to sell the securities;
- Offers to sell the securities;
- holds himself out as entitled to sell the securities; or
- instructs a broker to sell the securities.
For the purposes of subsection (1), a person is treated as owning securities only if that person
- or his agent is legally entitled to the securities;
- has purchased the securities, or has entered into an unconditional contract to purchase the securities, even if he does not yet have title to them;
- owns other securities convertible into or exchangeable for the securities and has tendered the other securities for conversion or exchange;
- has an option to acquire the securities and has exercised the option; or
- has rights or warrants to subscribe to the securities and has exercised the rights or warrants,
|The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction
|The licensee will need at least 2 shareholders
|The applicant must employ a principal licensed or authorised by the Commission
Within one month after becoming licensed under this Act a licensee, other than an accredited principal and representative, shall appoint an auditor who is acceptable to the Commission.
No person shall be qualified for appointment as an auditor under subsection (1) unless he is an accountant
|Every licensee, other than an accredited principal and representative, shall, to the satisfaction of or on terms prescribed by the Commission, effect and maintain appropriate policies of insurance on such terms and conditions as may be determined by the Commission for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business or its business as a custodian or management company of a collective investment scheme.
|Compliance Officer, Money-laundering Reporting Officer and Money Laundering Compliance Officer
|The law has not yet defined the need of a Compliance Officer
|The applicant will operate an office in Montserrat.
|Minimum Capital Requirements
- A broker dealer and a limited service broker shall keep such accounting and other records as will explain the transactions and financial position of all business relating to their licence and enable true and fair profit and loss accounts and balance sheets to be prepared from time to time, and shall keep those records in such manner and form as to enable them to be conveniently and properly audited.
- Without limiting the generality of subsection (1), a broker dealer and a limited service broker shall maintain such accounts and other records, and file such financial statements and reports, as may be prescribed.
- A licensee to whom the financial resources regulations made under section 76 apply shall keep its records in sufficient detail to establish readily whether or not the financial resources regulations are being complied with.
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