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JSDA Council Bulletin (August 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
Fixed Income Project
While agreeing that notable work has been accomplished and that the establishment of a Fixed Income Depository was in the interest of all stakeholders, concerns were raised by Members of the Council regarding issues related to the ownership, project management, timelines and the need for a business plan. It was agreed that a letter would be sent to the JSE acknowledging the operational work done on the project, stating the JSDA’s desire to support the venture and outlining the concerns that have been discussed.
Vacant Office Of Director
Scotia Jamaica Investment Management Ltd. will be appointed to the Council to fill the vacant office of Director.
Market Analysis
Concerns have been raised relating to the Central Bank’s treatment of the sale of foreign exchange intervention funds, particularly the Bank’s stipulation that Authorised Dealers sell the instruments only to end users which has resulted in available funds being under utilised. It was agreed that this method of intervention by the Central Bank would be brought to the attention of the Minister of Finance and Planning. The practice of the Ministry of Finance and Planning of making offers through private deals with select dealers is also an area of concern. The Council was advised that the Ministry was contacted on this matter and that a list with contact information of all the JSDA’s members was forwarded to them with the agreement that all the members would be given due consideration regarding the offering of these instruments.
Mof Securities
Council noted the demonstrated inefficiency in the processing of securities and commission cheques by the Ministry of Finance which has resulted in a persistent back log. It was agreed that this matter would be raised with the Minister of Finance.
Draft Corporate Governance Code
Members agreed that there were sections in the Draft Corporate Governance Code that needed to be revised in order to ensure relevance to the size and nature of the Jamaican market. The President advised that careful attention should be paid to this document since it may well be incorporated in regulations by the FSC. It was agreed that individual institutions would meet and examine the document, make note of their findings and table their position at a half day Council retreat on a date to be advised.

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