Draft Securities Act Complete
International Organization of Securities Commissions(IOSCO)
Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and Exchange of Information(MMOU)
Name of the Bill?
MMOU was adopted by IOSCO in 2002 as the model for international cooperation.
why is a status important.
Sig status is important becuase as all sec regs aroudn the world we are a member of IOSCO and as a part of being a memer of that body all of its members are required to sign on by a particular date believes jan 1 2013.
haven’t said exactly what hapens if we dont
IoSCO is tied into other bodies
MMOU is a means by which securites commeissions share securiteis information. If we are investigatinga matter and need to go to a reg in another country IOSCO allows us to do it. for sec fraud and other criminal matters. reciprocal
in todays world a particular sec trx can be initiaed in one jurisdiction and the trails of the trx can be in another country in another part o the world therefero its important to have info shareing mechanism
1we have to do it to meet int’l best practices standards
gthen if we don’t have info sharing possibiliy of sanctions being placed
other benefits bah being
Our competint jurisidctions have signed on
Plus we can get information for our investigations
other benefit is in terms of our offshor fins svsc busines. a number of countries will allow their citiziens to come to bah and do biz here if they are satisfied …
One for sure is Brazil. … our inv fund industry looking to get more out of Brazil. they can oncce satisfied they are cabable of … benefit to bring business.
our not being a sig a to the mMOU cbm of brazil had entered bilateral mmous for
once draft leg is talbed in parliament&they review and are satisfied then they will enter into arrangemetg
?If this draft legislation passes does that mean IOSCO MMOU A signatory status is imminent?
the new leg will define more clearly record keeping reuqiemnts for licensees and registrants.
Securities Industry Act and the SEcurities industry regulation.
the sec commission has finished its work . itw w/ag. now in teh form of a bill w/mins of fincance
review y cabinet nex
there may be subtle differences in the way we handle information now…. suggest one of the offices in legal council.
?How will the draft affect record-keeping requirements of licensees and registrants?
we had consultationwith the industry over a long period of time adn they provided input. all sectors provided.
There are other changes and legal officers can articulate it better
will clarify and increase enforcment powers of the commission.
Some areas allow better enforcement powers
Certain rules and regulations eg enforce&obligations of foreign companes … better clarity
also will introduce a takeover codee … which addresses requirements and
Specific takeover rules.
part of the regulations … a lot of teh specific details and regs will be apart of rules.
Also new the hwole process fo licencing and registration will be different. will be simplified
for licensed entities and individuals who operate in the indurstry.
?What is a registrant of the Commission vs a licensee?
?Will foreign regulators who are MMOU signatories have to exectue and confidentiality and onward disclosure undertaking before the Commission is obliged to act on requests?
?Will any restrictions still be in place on the use of infromation provided by the Commission to foriegn regulators for use in securities related criminal investigations?
?Changes to the Commission’s obligation regarding the confidentiality of providing background infomration on information requests?
?What is the reaction of industry participants?
?Are most of these changes really geared to bringing the Securities Act 1999 into compliance with MMOU standards of A signatories?
How are the changes likely to improve the Securities Industry and capital markets?
Ms Mechelle Martinborough
In the present leg we have intermpreted that nay info or intl reg who come to the BAha for info cannot use info w/out other steps
this gives the abioity to give the use to consent so long as certain infor is disclosed in application
where in their leg there ahs been a pr
we still ahve the same standards of confidentiality
now can be used not only for regs but to securites
criminal matters related to securities info.
can’t be used for tax matter
3 very important changes
new commision access to get info from anyone not just …
3 obligation of confidentiality imposed on commission as well.
people have rights and should have the opporutnity to address information
parameters are in place to allow for some infomration
to clarify this changes related to any information sharing requiements.
The process will make it easier with other member countries … but other will hae to meet those standards.
Changes in the licensing regime
new leg moves commissoin from a category based licencisng regime to a functioning base
under present leg we license person if we find they meet def of broker deal, sia , broker, trader
predefined, conflicing, interrelated 7&legislative issues w/interpretting
Instead fo what you think you are you are licensed to provide certain csvcs.
hoping it will be a neater process related to managing their reg requirments.