IN keeping with efforts to modernise Guyana’s economic and legal landscapes, Attorney-General Mohabir Anil Nandlall, S.C., has unveiled a comprehensive plan to overhaul the two-decades-old Securities Industry Act.
This pivotal piece of legislation, as outlined by Nandlall during his weekly programme, ‘Issues in the News’, marks a crucial juncture in the country’s journey of transformative growth.
The stock exchange laws in Guyana are governed by the Securities Industry Act, Cap. 73:04, which provides for the registration of securities brokers and dealers, certain self-regulatory organisations, and certain issuers of securities.
The Guyana Stock Exchange (GSE) is operated by the Guyana Association of Securities Companies and Intermediaries Inc. (GASCI), and is regulated by the Guyana Securities Council.
Nandlall pointed out that this comes as a directive from President Dr. Irfaan Ali, instructing for a review of the Securities Industry Act 1998.
“President Ali has instructed a review of the Securities Council’s Act, and to modernise it, to expand it and to refashion it to meet an expanding competitive and modern commercial and financial environment developing in Guyana,” the Attorney-General said.
Nandlall pointed out that consultations have already begun with experts “whose expertise is widely respected in the region.”
This move is much welcomed by the Georgetown Chamber of Commerce and Industry (GCCI), which has been petitioning for years, given Guyana’s growth.
“Over the years, the GCCI has consistently been a leading advocate for the modernising of the local securities market and stock exchange, continuously lobbying for a dynamic and competitive financial environment in Guyana that will benefit businesses, investors, and the economy as a whole.
“By undertaking this review of the Securities Industry Act 1998, the government is demonstrating its dedication to fostering a more efficient securities market that will foster growth and better align with Guyana’s economic trajectory,” the Chamber said in a statement.
The GCCI said it looks forward to continuing to work with the government and relevant stakeholders to further enhance the regulatory framework, and ensure the evolution of a transparent and secure securities market that fosters development.
The GSE, located in Georgetown, facilitates trading for 15 registered companies, utilising a blend of traditional and electronic systems for its operations.
The proposed legal updates aim to enhance market participant registration processes, enforce compliance standards, and ensure the effective management of the securities sector, fostering a robust and professional market environment.
