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JSDA Council Bulletin (July 01, 2005)

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
Annual General Meeting
The Annual General Meeting (AGM) of the JSDA was held on July 14, 2005 at the Medallion Hall.

President’s Remarks
Mr. Bunting acknowledged the support of Directors and Officers who served the Association for the period 2004-2005 and stated that much was accomplished during the year.  He reported that the JSDA has made significant strides on behalf of its membership in the following areas:

Website Development
Public Education Programme (PEP)
Engaging the services of PricewaterhouseCoopers (PwC) to research    and develop an appropriate Capital Adequacy Requirements model for the industry.
Training for members

The following areas were identified as critical matters that are still being discussed/negotiated:

FSC Early Warning Tests/Ratios
FSC Guidelines for Audit Committees
FSC’s approval process for employees of securities entities
Tax treatment for Mutual Funds & Unit Trusts
GCT on Funds Under Management Services
JCSD’s Fixed Income Project
Mr. Bunting noted that the JSDA was successful in obtaining substantial concessions and a softening of the language and approach from the FSC relating to the Guidelines for Interim Capital Standards and Margin Requirements for Repo Agreements and the issue of the use of the ‘clean and dirty price’ was resolved with the FSC accepting the propositions put forward by the JSDA. The President informed the meeting that he was not available for re-election.
Election of Directors & Associate Representatives on Council Alliance Investment Management Ltd, Jamaica Money Market Brokers Ltd, Dehring Bunting & Golding Ltd and Sterling Asset Management Ltd, each of whom had retired by rotation were unanimously re-elected as Directors of the Association. NCB Capital Markets was also elected as a Director on Council.C&WJ Employees Co-op Credit Union and RBTT Bank Jamaica Ltd., Associate Representatives on Council each had retired and C&WJ Employees Co-op Credit Union was re-elected.
Election Of Officers
The following persons have been elected as Officers of the JSDA:
President – Mr. Keith Duncan
Vice President – Ms. Anya Schnoor
Treasurer – Mr. Charles Ross
Secretary – Mrs. Lisa Gomes
Website Development
It has been suggested that the JSDA’s website could be used as a reporting platform for actual bid and offer spreads of GOJ instruments since such a feature would add value to the site. It was agreed that a page would be made available only to paid-up members providing access to the JSDA’s monthly bulletins and other research material. Banners will be sold to member institutions to generate revenue for the association.
Market Analysis Report
Council has noted the trend that has seen an increase in interest rates on Repos. and was informed of the Variable Rate paper which the Government will introduce on July 27, 2005. Mention was made of the US$200 million bond raised by Air Jamaica on the international capital market recently. It was agreed that the new Council will seek to develop a more collaborative relationship with the BoJ. In this regard, the Secretariat will write to Mrs. Faith Stewart to introduce the new Executive Council of the JSDA and to invite her to address the Association on issues relating to Market Operations at a forum to be arranged. It has been noted that the Primary Dealers Association (PDA) interacts well with the Marketing Operations department of the BoJ and it was decided that the Executive Council of the JSDA will seek to meet with the PDA to initiate discussions relating to the JSDA/PDA relationship.
It was decided that the FSC should be informed of the JSDA’s initiative to engage the services of PricewaterhouseCoopers (PwC) to research and develop an appropriate framework for Capital Standards and be requested to provide assistance to the Consultants in their capacity as regulator. The Secretariat will submit an application to the JAMPRO Private Sector Development Programme for grant funding for the initiative as well as write to follow up on the Financial Sector Assessment Programme Mission’s offer to provide information on other possible sources of funding assistance for this initiative
Financial Services Commission
The JSDA’s sub-committee on the FSC Securities Bulletin on Early Warning Tests has met and a formal response to the FSC will be drafted. Mr. Lance Hylton of MF&G has been engaged to do a further review of the FSC’s Discussion Paper on Proposed Amendment to the Securities (Mutual Funds) Regulations.
National Youth Service Success Camps
Council was informed of the planned National Youth Service (NYS) Success Camps which are designed to combat the level of high school expulsion. Mr. Keith Duncan, Chairman of the NYS, related that he had approached the JSDA membership to underwrite the cost of staging one of the success camps to the tune of $3 million and indicated that there has been broad participation among the membership. A press conference was planned to highlight the event.

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