THE Guyana Security Council (GSC) is urging members of the public to be wary of persons who seek to conduct business in the securities market, but are not licensed to do so by the council.

The GSC is an independent autonomous body which ensures orderly growth and development of the securities market in a transparent, efficient, fair and competitive manner. Within the last week, the council has placed notices in local newspapers of four companies and individuals, who are unlicensed to conduct securities business, solicit investments or offer their services to the public.

These listed as were Accelerated Wealth Inc.; Forex Trading; Yuro Garcia-Dominguez and Ateeka Ishmael. It is an offence for a person to engage in securities business without registration by the council.

Speaking with the newspaper on Tuesday, GSC Cooperate Secretary, Shaun Allicock, said that members of the public must stay alert when it comes to making investments with individuals and companies, as these business persons must comply with the Securities Industry Act 1998. While there is no information on the rate of unlicensed business in the local securities market, Allicock said that the dangers are not to be taken lightly.

Through the securities market, securities can be bought and sold amongst subjects of the economy by means of supply and demand.

It includes exchanges such as stock exchanges, the holding of stocks and bonds and over-the-counter which can be converted into cash.
“There are all kinds of risks involved in doing securities business without a licence. The general idea is that we monitor the securities market in order to ensure that all of the players are acting in good faith, that there are no errors or mistakes. But if they’re not being regulated that means that we have no way of knowing what it is they’re telling the public,” he said, further advising:

“…an investment, especially if it’s like a way to make money, they [the public] should check with the council to ensure that the person is registered to the council to carry out business.” To be registered, an applicant must meet the statutory requirements of the Securities Industry Act 1998 and Regulations and be “fit and proper” to be registered for the business subject of the application.