100th Meeting of the RMOC

Posted: March 6, 2018 at 9:22 am

The Regulatory & Market Oversight Committee (RMOC), an independent arm of the Board of the Jamaica Stock Exchange (JSE) held its 100th meeting on February 22, 2018, at the Head Office of the Jamaica Stock Exchange, 40 Harbour Street, Kingston.

Mr. Livingstone Morrison, Chairman of the RMOC and Deputy Governor of the Bank of Jamaica, stated “This is a landmark achievement. Since we were set up in 2007, we have met on a regular basis to assist in the shaping the rules of the JSE and to deal with regulatory matters that were brought before us from, the Regulatory & Market Oversight Division (RMOD). These are matters that involve our Listed Companies and Member Dealers and we are pleased to say we have been able to consistently maintain a closure rate of more than 90%. I am proud of the regulatory team that works assiduously to ensure that cases are promptly resolved and the rules that guide the JSE are reviewed and updated in a timely manner. We are particularly proud of the fact that the RMOD was cited in 2015 as one of the reasons the Jamaica improved in the 2014/2015 Global Competiveness Report to its best rating of 28 out of 144 countries surveyed. This is a tremendous achievement and we must thank all members of the team, including past Chairman of the RMOC, Justice Hilary Phillips, and the late Mr. Wentworth Graham, Chief Regulatory Officer (CRO) who made tremendous contributions to the evolution of the JSE’s regulatory function. We also wish to thank the JSE’s Board for the confidence that it has placed in the RMOC for discharging its responsibilities for overseeing the regulatory functions of the Exchange. We look forward to continuing our work in helping to provide a fair and transparent stock market where all Jamaicans can participate.”

Mr. Andrae Tulloch, Acting Chief Regulatory Officer of the RMOD, congratulated the RMOC on their landmark achievement and stated that “I look forward to working with this distinguished Committee to continue to provide regulatory oversight for the markets, which have seen an improved state of compliance since the work of the RMOC began in 2007. We continue to be valiant in our pursuit and to ensure that all aspects of the markets are regulated and that compliance is the order of the day. “Thanks to the RMOD team and to the RMOC for their hard work and dedication to the process of Market Regulation.”

Mrs. Marlene Street Forrest, JSE’s Managing Director, expressed her satisfaction with the role the RMOC and the RMOD have played in improving market transparency. “Members of the Committee and Division have been performing the important role of regulation with dedication and integrity. The establishment of the ROMC and the ROMD and the independence of both have led to the increase in transparency in the business of the Exchange and indeed the Capital Market and by extension has increased market confidence. The governance structure has contributed to the growth of the market.” She said.

By Board Resolution dated November 13, 2007, the JSE’s Board of Directors approved the establishment of the Regulatory and Market Oversight Committee (RMOC) and a Regulatory & Market Oversight Division (RMOD). The Board delegated its regulatory powers to the RMOC. The RMOC is comprised of the Independent Members of the Board and is responsible for Market Oversight, Standards and Regulation. The Board also ceded to the RMOC the power to make final decisions in regard to the regulation of the market. Based on this authority no market regulatory activity is considered by the Board of the JSE and all decisions of the Committee are final. The present members are Mr. Livingstone Morrison (Chairman), Miss Dian Black, Mrs. Janet Morrison, Mr. Garth Kiddoe and Mr. Matthew Hogarth.

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