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Securities Act 2012 proclaimed

Published: 
Tuesday, January 8, 2013

 

The Securities Act, 2012 has been proclaimed and it’s the legislation that will from now on guide all matters before the Securities and Exchange Commission (SEC).
 
In a statement issued yesterday, the SEC said the new legislation was proclaimed by the President of T&T on December 28 and came into effect from December 31. It said that all matters receiving its attention before
December 31, 2012, will be considered in accordance with the Securities Industry Act, 1995. However, matters before the SEC from December 31, 2012, onwards, will be considered in accordance with Securities Act, 2012.
 
In the statement, the SEC described the new legislation as “an Act to provide protection to investors from unfair, improper or fraudulent practices; foster fair and efficient securities and confidence in the securities industry of T&T; to reduce systemic risk; to repeal and replace the Securities Industry Act.
 
In related SEC news, the commission reported on its Web site that BCB Holdings Ltd, has been fined $25,000 for contravening Section 64(3) of the Securities Industry Act, 1995.
 
The SEC said BCB Holdings had filed a copy of its amended registration statement with the SEC for the financial year ended March 31, 2012, on February 3, 2011, past the due date of August 3, 2010. It had also late filed the same statement for the financial year ended March 31, 2011, on August 23, past the due date of August 3.
 
The penalty imposed on BCB Holdings was determined to be $20,000 for the first infraction and $5,000 for the second, which is to be paid within 28 days of the imposition of the order. The order was dated November 19, 2012.
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