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Guyana Securities Council Emphasizes Importance of Responsibility and Confidentiality
Georgetown, Guyana
The Guyana Securities Council has reiterated the importance of responsibility and confidentiality in its efforts to ensure the integrity of the financial sector.
Promoting Transparency and Accountability
In a move aimed at promoting transparency and accountability, the council has introduced new measures that require regulators to share information and feedback on results and identified vulnerabilities. This will enable consistent and meaningful inputs to be provided, while also ensuring that data is disseminated in accordance with applicable laws and regulations.
Regulators’ Role
Regulators should develop means through which information can be shared in a timely and effective manner. They should also have general statutory authority to share their own supervisory information with foreign supervisors, in response to requests or when the supervisor believes it would be beneficial to do so. Additionally, regulators should have the authority to share objective information about key persons on the same rules as they share information about firms and other entities.
Fitness and Probity of Approved Persons
The council has also introduced a questionnaire that must be completed by all applicants seeking approval to become directors, managers, or shareholders of financial entities. The questionnaire is designed to provide information to assist in determining the fitness and probity of proposed approved persons.
Confidentiality and Privacy
The council emphasizes the importance of confidentiality and respect for privacy, stating that any personal data provided will not be made available to third parties, except as required by law. The council uses the personal data only for the purposes of performing its statutory functions, including the authorization and supervision of regulated financial services entities and the appointment and supervision of approved persons.
Best Practices
The Guyana Securities Council expects supervisors to be aware of managers, directors, and shareholders who can exert a material influence on the operations of regulated companies. These entities should take measures necessary to ensure that fitness, propriety, or other qualification tests are met on a continuous basis.
Expectations
The council’s expectations are clear: regulators must work together to ensure transparency and accountability in the financial sector, while also protecting the privacy and confidentiality of individuals involved.
Contact Information
- Guyana Securities Council
- Lot 34 King Street,
- Lacytown, Georgetown,
- Guyana
- Tel: 592-2 27-4235/592-223-5203