Revised Eastern Caribbean Securities Regulatory Agreement takes effect

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CASTRIES, St Lucia — The revised Eastern Caribbean Securities Regulatory Commission (ECSRC) Agreement is now in effect. The revised Agreement gives support to the provisions of the newly redrafted Securities Bill 2020 and gives the ECSRC enhanced powers in the regulation of the regional market.

In 2016, following a review of the ECSRC’s legislative framework by a technical team from the International Monetary Fund (IMF) substantial amendments were made to the ECSRC Agreement, leading to a proposal and later approval of a revised ECSRC Agreement.

The Instruments of Ratification in support of the Revised ECSRC Agreement were deposited with the director-general of the Organisation of Eastern Caribbean States (OECS) marking the final stage to bring the revised Agreement into operation.

The participating governments representing the respective member countries of the Eastern Caribbean Currency Union signed a revised Eastern Caribbean Securities Regulatory Commission (ECSRC) Agreement 2020 at the 95th meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) held at the ECCB headquarters on February 14, 2020.

The ECSRC Agreement establishes the ECSRC as the sole regulator for the regional securities market.

 

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