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Untitled Document

JSDA Council Bulletin (March 01, 2004)


In an effort to promptly disseminate to our members, information on critical issues in the securities sector, we have developed a Bulletin. This will be a monthly publication highlighting issues from our Council Meeting. We hope you will find this useful and we look forward to your feedback. From the President’s Desk
 
2004 Budget
The 2004 budget of $3.2 million was approved by the Council, who also expressed the need for funding for training programmes. The President advised that First Initiative will be contacted re funding. The 2004 membership fee structure was also approved, and members will see an increase in fees. Invoices will be sent to members soon.
   
Annual General Meeting
The Council was informed that according to the Articles of Association at least twenty-one days notice would need to be given to members for the JSDA’s Annual General Meeting. The Council agreed that the AGM should be held on Wednesday, May 19, 2004 at 4:00 p.m. at the PSOJ Secretariat.
   
Amended Articles Of Association
The Council was informed that the Articles of Association had been amended. It was noted that entities licensed under Acts, other than the Securities Act, would only be eligible to become Associate Members, however, they would not have full voting privileges. Elected Council Members would be institutional rather than individual and the Council would have the right to expel members from the Association as it sees fit. It was further stated that voting privileges is limited to ‘one man, one vote.’The amended Articles will be circulated to all members in preparation for the AGM.
   
Fsc Quarterly Meeting
The FSC Quarterly Meeting was held on April 1; however, some issues on the agenda were outstanding. The Quarterly Meeting would be reconvened to complete discussions.The Council was advised that the proposed Capital Standards regulation will become effective in thirty days. The FSC had sent invitations to a seminar on April 21 to discuss the regulation. It was also noted that while the Mutual Fund was not yet in effect, the securities dealers were advised to meet the submission date before implementation, as members were warned that if they were not compliant they would experience closer scrutiny from the FSC.
   
Jcsd – Fixed Income Project
The Council was informed that the recent meeting between representatives of the JSE and the JBA ended without an agreement. Two main concerns of the JBA were: ownership of the depository and co-mingling of the equities business and fixed income business. It was noted that theses issues could be resolved. The JSE were still having project meetings and discussions with Mr. Adrian Recas about being appointed project manager. It was recommended that the JSDA, the JBA and the JSE convene a meeting to address and resolve any concerns.

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