Chief Operating Officer of The Bahamas International Securities Exchange (BISX), Mr. Holland Grant, recently took part in the 12th Annual Conference and Workshop organised by the Caribbean Group of Securities Regulators and hosted by The Securities Commission of The Bahamas. This conference which focused on Regional Capital Market Development and Regulation was held at the British Colonial Hilton 20 – 22 April, 2016 and brought together securities regulators from over 20 countries and territories to discuss common issues related to Securities Regulation.
Mr. Grant spoke on the panel discussion “View of Regulation of Caribbean Exchanges”, the panel was chaired by Mr. Courtney Christie-Veitch, Financial Sector Supervision Advisor to the Caribbean Regional Technical Assistance Centre (CARTAC). Also on the panel were Ms. Alousia Faisal, Secretary, Eastern Caribbean Securities Regulatory Commission; Laurence Crossley, Senior Director, Securities Division Jamaica Financial Services Commission and Mr. C. Wainright Iton, Chief Executive Officer, Trinidad and Tobago Securities and Exchange Commission.
Commenting on his participation on the panel discussion, Mr. Grant noted “It was my pleasure to share the views of BISX on the regulation of Exchanges. Speaking as the only representative of a Securities Exchange on a panel discussing the regulation of Securities Exchanges also gave me the opportunity to share our view of how BISX is regulated and how we carry out our regulatory functions. As I noted during my contribution, my job as a regulator is 90% education and communication and only 10% regulation.”
As a part of Mr. Grant’s contribution, he drew particular attention to the following issues that he felt would become increasingly important for Caribbean Exchanges and Caribbean Securities Regulators:
- Harmonization of Rules between Caribbean Exchanges and Jurisdictions: Noting the challenges faced by companies seeking to list in multiple jurisdictions, Mr. Grant suggested that the harmonization of stock exchange rules as well as statutory laws related to Securities to the greatest extent possible, as a way to encourage cross border listing and investment.
- Combination of Caribbean Exchanges: Noting that this was an excellent idea in principle, Mr. Grant noted that in practice each Exchange had its own strategy and focus that made integration challenging.
- Service Level Agreements for Regulators: Noting the importance of timely responses in financial markets, Mr. Grant stated that it would become more important in the future for regulators to specify a time in which practitioners could expect to receive a response to inquiries.
- Promotion of Exchanges: Noting the role that exchanges play within each jurisdiction, Mr. Grant suggested that regulators might want to find new ways to make their international market practitioners aware of their national exchanges.
The Securities Commission of The Bahamas will also host the 13th Annual Caribbean Group of Securities Regulators Conference in Nassau, The Bahamas in the first half of 2017.
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