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The Board of the International Organization of Securities Commissions (IOSCO) today published its Assessment Committee’s Country Review of Republic of Trinidad and Tobago. The Country Review is a detailed assessment of implementation of IOSCO’s Objectives and Principles of Securities Regulation (IOSCO Principles).
This is the second Country Review conducted by IOSCO’s Assessment Committee.
The Country Review identifies Trinidad and Tobago’s progress in implementing the IOSCO Principles and identifies areas in which improvements are needed. The Country Review identifies challenges that the Trinidad and Tobago Securities and Exchange Commission (TTSEC) faces in meeting international regulatory standards relating to the independence of the regulator, enforcement powers, and the regulatory framework for Collective Investment Schemes.
The Country Review includes a recommended Action Plan for the TTSEC to improve implementation of the IOSCO Principles and recommends that priority actions are taken in the area of Collective Investment Schemes, where comprehensive reform is needed to the regulatory framework.
The TTSEC’s response to the Country Review was largely positive. The TTSEC praised the review process, accepted the validity of the findings related to gaps in implementation and expressed its commitment to achieve full compliance with all relevant Principles.
Under a Country Review, a dedicated team reviews an IOSCO member’s self-assessment of its implementation of the IOSCO Principles. This Country Review was carried out by a Review Team of three experts nominated by member organizations from FMA New Zealand, CSSF Luxembourg, AMF Quebec and a member of the IOSCO General Secretariat. The Review Team leader was Mr. Liam Mason of the FMA New Zealand. The team members collectively brought a broad range of knowledge and practical expertise to the review exercise.
Created in 2012, the Assessment Committee also conducts Thematic Reviews of specific IOSCO Principles and Standards across IOSCO’s membership. The aim of these Thematic Reviews is to provide a snapshot of implementation of the IOSCO Principles and Standards and to help identify gaps, differences in approach and examples of good practice regarding implementation.
