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Regulatory Developments In Trinidad And Tobago

Regulatory Developments In Trinidad And Tobago. RBTT Investor Forum December 9 – 10 2007 Osborne Nurse Chairman Trinidad & Tobago Securities & Exchange Commission. Coverage Of This Update. Developments In The Legal Environment The Definition And Regulation Of Securities Products

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Regulatory Developments In Trinidad And Tobago

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  1. Regulatory Developments In Trinidad And Tobago RBTT Investor Forum December 9 – 10 2007 Osborne Nurse Chairman Trinidad & Tobago Securities & Exchange Commission

  2. Coverage Of This Update • Developments In The Legal Environment • The Definition And Regulation Of Securities Products • Issues To The Public • Mergers And Acquisitions • New Product Developments • Bond Trading Market • Depositary Receipts

  3. Legal Environment • Commission Actively Identifying And Bringing Securities Under Regulation • Mutual Funds/CIVs • Structured Products • Asset Backed Securities • Repos • Executive Stock Options • Private & Public Issues • Working On A Regime For Products Exclusively Sold In Foreign Markets

  4. Mergers And Acquisitions In The Region • Several Transactions In Past Two Years • CIBC/FCIB • N&M/AMCL/BS&T • RBTT/RBC • Angostura/Lascelles • Regional Cooperation Among Regulators • Voluntary Approach • Agreeing On Standards • Lead Regulator • Regulators Contemplating Regional MOU

  5. New Product Developments • Collaborated With CBTT And TTSE To Facilitate Bond Trading Market • Initial Trading Date – January 2008(?) • Developing Regime For The Issue Of Depositary Receipts On TTTSE • Requested By RBC • Commission Preparing To Promote Actively • May Apply To Other Foreign Companies • Caribbean Exchange Network (CXN)

  6. Depositary Receipts • A Traded Security That Represents A Company's Publicly Traded Equity Or Debt On Another Exchange. • A Block Of Foreign Shares Would Be Secured And Delivered To A Custodian To Be Held In Escrow. • The Authorised Depositary Agent Issues And Distributes Depositary Receipts That Represents The Foreign Shares. • Issued DRs Can Then Be Traded On An Exchange, Similar To Any Other Traded Equity.

  7. The DR Model

  8. Some International Market Statistics On DRs • At Year-end 2006, A Record 2,015 Sponsored DR Programs From Companies In 76 Countries Were Available To Investors. • More Than $US 1.34 Trillion Of DRs Traded On US And Non-US. Markets And Exchanges During The First Half Of 2007

  9. Benefits To The Trinidad And Tobago /Regional Investor • Increased Liquidity In The Local Market • Demonstrate The Existence A Regulatory System Conducive To International Participation • Signal The Widespread Regional Interest In International Investment • Facilitate Portfolio Diversification • Foster Local Participation In Direct Foreign Investments

  10. Arcelor Mittal British Gas (BG) British Petroleum (BP) BHP Billiton Repsol Multinational Companies Operating In T&T

  11. Alcoa Alcan Carillion EOG Resources Petrocanada Price Smart Other Companies Operating In T&T With Primary Foreign Listings

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