Role and Function of the Council

Functions of the Council

The principal functions of the G.S.C, under Section 5 of the Securities Industry Act 1998 (S.I.A), are to:


(a) advise the Minister of Finance on all matters relating to securities;

(b) maintain surveillance over the securities market and ensure orderly, fair and equitable dealings in securities;

(c) register, authorize or regulate, in accordance with the Securities Industry Act 1998, self regulatory organization, securities companies, securities intermediaries, brokers, dealer, traders, underwriters, issuers and investment advisers, and control and supervise their activities with a view to maintaining proper standards of conduct and professionalism in the securities business;

(d) protect the integrity of the securities market against abuse arising from the practice of insider trading;

(e) create and promote such conditions in the securities market as it may seem necessary, advisable or appropriate to ensure the orderly growth and development of the capital market.


Powers of the Council

Under Section 6 of the Securities Industry Act 1998 (S.I.A), the Council has the power to:


(a) deal with such matters as may be referred to it by any person registered with the Council under the S.I.A from time to time;

(b) formulate principles for the guidance of the securities industry;

(c) monitor the solvency of registrants and take measures to protect the interest of customers where the solvency of any such registrant is in doubt;

(d) adopt measures to supervise and minimize any conflict of interests that may arise in the case of brokers or dealers;

(e) review, approve and regulate take-overs, amalgamations and all forms of business combinations in accordance with the S.I.A or with written law in all cases in which it considers its expedient or appropriate to do so;

(f) review the contents of prospectuses, offering circulars or any form of solicitation, advertisement or announcement by which securities are offered for sale to the public; review the contents of prospectuses, offering circulars or any form of solicitation,

(g) take action against persons registered or required to be registered under the S.I.A for failing to comply therewith;

(h) undertake such other activities, including the making of regulations, as are necessary or expedient for giving full effect to the S.I.A .

(i) do all things which may be necessary or expedient or are incidental or conducive to the discharge of any of its functions and powers under the S.I.A.




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