Who We Regulate
A basic principle of the Securities Industry Act 1998, is that persons engaged in securities business are subject to the regulatory control of the Guyana Securities Council. This control extends to brokers, dealers, traders, underwriters, investment advisers, securities intermediaries and securities companies, and also self regulatory organisations (securities exchanges, clearing agencies and associations of securities companies and intermediaries).
Regulatory control is exercised by the Council in two ways:
- Firstly, all persons wishing to engage in securities business must first be registered with the Council. In order to be registered, an applicant must satisfy the Council that he/she meets the statutory requirements of the Securities Industry Act 1998 and Regulations made thereto, and is in all respects "fit and proper" to be registered for the business subject of the application. It is an offence for a person to engage in securities business without registration by the Council.
- Secondly, the Guyana Securities Council is required to monitor and supervise the securities business activities of all registered persons. The Council is given wide powers of investigation and enforcement for this purpose by the Securities Industry Act 1998. It is to be noted however that market participants who are licensed to conduct "financial business" under the Financial Institutions Act 1995 are "grandfathered" (i.e. deemed to be registered as securities companies under the Securities Industry Act 1998 within 6 months of Part IV of the Securities Industry Act 1998 coming into operation). It is also to be noted that persons who are grandfathered are nonetheless subject to the other regulatory provisions of the Securities Industry Act 1998 and Regulations made thereto.