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JSDA Council Bulletin (February 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
Amendments To Jsda Articles Of Association
The issues of criteria for membership and criteria for seats on the Council were raised. It was suggested that membership should be limited to dealers licensed by the FSC. The following composition for Council seats was suggested: a minimum of 10 members and a maximum of 16, with 3 seats being allocated to Associate Members and a quorum being 5 voting members. It was further noted that currently for a decision to be taken by round robin it would require 100% membership participation. It was recommended that a provision be made in the articles to enable a round robin of 75% membership participation. The proposed amendments to the Articles will be submitted for consideration and approval at the upcoming AGM.
Fsc Quarterly Meeting
Notes from the meeting were circulated to the Council. It was agreed that the notes would be circulated to the general membership.
Comment Made By Mr. Brian Wynter
The issue of Mr. Brian Wynter’s (FSC) comment at a forum in Miami was raised. It was reported that Mr. Wynter stated that “Jamaican dealers were too greedy” as he attributed the lack of support for government debt issuance to dealers wanting higher rates. Council members emphasised the fact that the dealers lack of support for government debt issuance was in adherence to the FSC guidelines with respect of intermediation and liquidity risks. The Council will seek clarification of Mr. Wynter’s position in this matter.
Withholding Tax Refund
The Chairman advised the Council that Mr. Clive Nicholas had informed him that the processing of withholding tax refunds could not be dealt with before April.

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