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JSDA Council Bulletin (December 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
Members of Council agreed that the FSC needed to expedite the process of approval for employees of securities entities and that employees being transferred within a group should be facilitated via a routine approval process. The President has urged compliance with the FSC’s Guidelines for Interim Capital Standards and Margin Requirements for Repurchase Agreements and members were encouraged to ensure the timely submission of reports to the FSC as it was difficult to dispute issues from a position of non-compliance. The issue of competition other types of financial institutions was raised and members asserted that the establishment of a cap on repo books would represent a handicap which they agreed was anti-competitive in the absence of suitable alternative investment vehicles such as mutual funds. Council was reminded that the measures were guidelines and not regulations as the FSC expected that issues would arise operationally which could necessitate amendments. It was suggested that an illustrative portfolio be prepared that would demonstrate to the FSC how the prescribed margins would impact the operations of entities.
Jcsd - Fixed Income Project
The Central Securities Depository Consultative Group Meeting which was scheduled for December 10, 2004, has been postponed until further notice.
Jamaica Deposit Insurance Corp.
Members opined that the recent public relations campaign of the JDIC could negatively impact the securities sector and was somewhat misleading as it does not indicate the limitations of the deposit insurance coverage. It was agreed that the JSDA engage the services of a professional to design a public relations campaign aimed at improving the image of the securities sector and disseminating relevant information to the public.
Jamaica Bar Assn Regulations - Investment Of Clients' Funds
It was suggested that a letter be sent to the General Legal Council requesting a change in the regulations that restrict the freedom of lawyers to invest their clients’ funds with securities dealers.
Market Analysis
No Market Analysis Report was tabled.

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