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Regulatory Developments In Trinidad And Tobago. RBTT Investor Forum December 9 – 10 2007 Osborne Nurse Chairman Trinidad & Tobago Securities & Exchange Commission. Coverage Of This Update. Developments In The Legal Environment The Definition And Regulation Of Securities Products

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regulatory developments in trinidad and tobago

Regulatory Developments In Trinidad And Tobago

RBTT Investor Forum

December 9 – 10 2007

Osborne Nurse

Chairman

Trinidad & Tobago Securities & Exchange Commission

coverage of this update
Coverage Of This Update
  • Developments In The Legal Environment
    • The Definition And Regulation Of Securities Products
    • Issues To The Public
  • Mergers And Acquisitions
  • New Product Developments
    • Bond Trading Market
    • Depositary Receipts
legal environment
Legal Environment
  • Commission Actively Identifying And Bringing Securities Under Regulation
    • Mutual Funds/CIVs
    • Structured Products
    • Asset Backed Securities
    • Repos
    • Executive Stock Options
  • Private & Public Issues
    • Working On A Regime For Products Exclusively Sold In Foreign Markets
mergers and acquisitions in the region
Mergers And Acquisitions In The Region
  • Several Transactions In Past Two Years
    • CIBC/FCIB
    • N&M/AMCL/BS&T
    • RBTT/RBC
    • Angostura/Lascelles
  • Regional Cooperation Among Regulators
    • Voluntary Approach
    • Agreeing On Standards
    • Lead Regulator
    • Regulators Contemplating Regional MOU
new product developments
New Product Developments
  • Collaborated With CBTT And TTSE To Facilitate Bond Trading Market
    • Initial Trading Date – January 2008(?)
  • Developing Regime For The Issue Of Depositary Receipts On TTTSE
    • Requested By RBC
    • Commission Preparing To Promote Actively
    • May Apply To Other Foreign Companies
  • Caribbean Exchange Network (CXN)
depositary receipts
Depositary Receipts
  • A Traded Security That Represents A Company's Publicly Traded Equity Or Debt On Another Exchange.
  • A Block Of Foreign Shares Would Be Secured And Delivered To A Custodian To Be Held In Escrow.
  • The Authorised Depositary Agent Issues And Distributes Depositary Receipts That Represents The Foreign Shares.
  • Issued DRs Can Then Be Traded On An Exchange, Similar To Any Other Traded Equity.
some international market statistics on drs
Some International Market Statistics On DRs
  • At Year-end 2006, A Record 2,015 Sponsored DR Programs From Companies In 76 Countries Were Available To Investors.
  • More Than $US 1.34 Trillion Of DRs Traded On US And Non-US. Markets And Exchanges During The First Half Of 2007
benefits to the trinidad and tobago regional investor
Benefits To The Trinidad And Tobago /Regional Investor
  • Increased Liquidity In The Local Market
  • Demonstrate The Existence A Regulatory System Conducive To International Participation
  • Signal The Widespread Regional Interest In International Investment
  • Facilitate Portfolio Diversification
  • Foster Local Participation In Direct Foreign Investments
multinational companies operating in t t
Arcelor Mittal

British Gas (BG)

British Petroleum (BP)

BHP Billiton

Repsol

Multinational Companies Operating In T&T
other companies operating in t t with primary foreign listings
Alcoa

Alcan

Carillion

EOG Resources

Petrocanada

Price Smart

Other Companies Operating In T&T With Primary Foreign Listings