(KINGSTON, October 21, 2009): The Jamaica Stock Exchange through its Regulatory and Market Oversight Division (RMOD) has introduced a new rule and has issued a set of guidelines that are designed to assist market players to improve market integrity to all stakeholders. The new rule is Management Discussion and Analysis (MD&A) for Annual Reports and Prospectus/Offer documents for Listed Companies and a Complaint Management System (CMS) guideline for Member-dealers.
The Complaint Management System (CMS) Guidelines are a set of internationally accepted standards and best practices that Member-dealers should observe to manage customers’ complaints. These guidelines are intended to improve the customer service delivery of member-dealers who are regulated by the Jamaica Stock Exchange (JSE) and the Financial Services Commission (FSC). The guidelines will also assist the JSE to identify and reduce risks that are inherent to the industry and bolster the market oversight activities of the Regulatory & Market Oversight Division (RMOD).
The Jamaica Stock Exchange also requires that all Listed Companies include a Management Discussion and Analysis Report as part of their Annual Report and Prospectus/Offer document to the market. Management through the MD&A is required to provide an objective and easily readable analysis of the company’s operation within a given period of management’s assessment of the company based on past activities, future plans and other internal & external factors that can impact on its operations.
According to the Chairman of the Regulatory & Market Oversight Committee, Mr. Livingstone Morrison “we are operating in a globalized environment where customer service and information is of paramount importance, therefore we know that these rules will only help companies to strengthen service delivery”. The Chief Regulatory Officer, Mr. Wentworth Graham, said that these rules are another example of the RMOD’s commitment to strengthen the market, and promote stakeholders’ welfare.
