Latest update November 25th, 2024 1:00 AM
Latest News
- ExxonMobil commences design for 7th project as Gov’t remains ‘iffy’ over approval
- Gov’t extends deadline for proposals on second phase of Gas-to-Energy project
- Hezbollah rockets land near Tel Aviv after big Israeli strike on Beirut
- 121 drivers nabbed speeding, 248 with unauthorised tinted glass
- Cop stabbed by Venezuelan national
GCCI welcomes review of Securities Law
Kaieteur News- In response to concerns voiced by the private sector, Attorney General (AG) and Minister of Legal Affairs, Anil Nandlall, SC, announced on Tuesday that the Government of Guyana (GoG) has initiated a review of the country’s securities law.
Nandlall addressed the issue, stating, “I have seen in the press as well a number of news articles where certain important commercial organs in our country and business entities have been calling for a review of our securities market and our securities infrastructure.”
Attorney General (AG), Anil Nandlall, SC
He further disclosed, “I am pleased to announce that the President has instructed a review of the relevant law the Guyana Securities Council Act and to modernise it and to expand it, and to refashion it to meet an expanding, competitive and modern commercial and financial environment developing in Guyana.”
The AG highlighted that the process is already underway, with the engagement of expert services and the pursuit of another individual whose expertise is widely respected in the region. The impetus for this review stemmed from concerns raised during the 68th Annual General Meeting of Banks DIH Limited in January. At the meeting, worries surfaced regarding the perceived lack of synchronization between positive company developments and share prices. Clifford Reis, Chairman of Banks DIH, expressed apprehension about share trading on the Guyana Stock Exchange (GSE), noting the discrepancy between company advancements and share value increments.
Subsequently, the Georgetown Chamber of Commerce and Industry (GCCI) advocated for a comprehensive overhaul of operations at the GSE, citing profound concerns over its current state and its repercussions on the local business community. Responding to the AG’s disclosure, the GCCI issued a statement on Friday, expressing approval, “The Georgetown Chamber of Commerce and Industry (GCCI) welcomes the recent announcement by Attorney General and Minister of Legal Affairs, the Honourable Anil Nandlall, of a directive from the President, His Excellency Dr. Irfaan Ali, instructing a review of the Securities Industry Act 1998, with the aim of modernizing this legislation which regulates 
the growth of efficient securities markets and encourages capital formation.”
The GCCI reaffirmed its longstanding advocacy for modernizing the local securities market and stock exchange, stressing the necessity for a dynamic and competitive financial environment in Guyana to benefit businesses, investors, and the economy at large.
By embarking on this review of the Securities Industry Act 1998, the government underscores its commitment to fostering a more efficient securities market conducive to growth and aligned with Guyana’s economic trajectory.
The GCCI expressed eagerness to collaborate with the government and relevant stakeholders to further refine the regulatory framework and ensure the evolution of a transparent and secure securities market conducive to development.
- Anil Nandlall, GCCI, Georgetown Chamber of Commerce and Industry (GCCI), Law, securities, stock exchange
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The business class also funds undemocratic parties
…Peeping Tom Kaieteur News- There’s a peculiar phenomenon in Guyana, a sort of cyclical ritual, where members of... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
