Basseterre, St Kitts and Nevis, 18 November 2020 -- The revised Eastern Caribbean Securities Regulatory Commission (ECSRC) Agreement is now in effect.
The Instruments of Ratification in support of the Revised ECSRC Agreement were deposited with the Director General of the Organisation of Eastern Caribbean States, marking the final stage to bring the revised Agreement into operation.
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 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 Eastern Caribbean Central Bank Headquarters on 14 February 2020.
The ECSRC Agreement establishes the ECSRC as the sole regulator for the regional securities market. According to the preamble to the Agreement, the ECSRC was established as an independent and autonomous regional regulatory body to promote the development of and to provide for the regulation of a regional securities market in the territories of the Participating Governments.
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