(KINGSTON, February 1, 2010): Regulatory activities at the Jamaica Stock Exchange (JSE) increased dramatically in 2009, which were as a result of undertakings by the Regulatory and Market Oversight Division (RMOD). During the year the Division addressed 123 issues in accordance with its market surveillance, compliance and enforcement responsibilities. This total was 43% above 2008 and some 485% above 2007. According to Mr. Wentworth Graham, JSE’s Chief Regulatory Officer, “the performance can be attributed to the RMOD’s renewed and intensified focus in discharging its market oversight functions.” Mr. Graham further stated that “the performance is positively linked to RMOD’s keener assessment of all financial submissions, closer monitoring of trading activities and closer scrutiny of market disclosures.”
The RMOD commenced operations on April 1, 2008 and is the operational arm of the Regulatory and Market Oversight Committee (RMOC). The RMOC members are comprised of all the Independent Directors of the Board. Its present Chairman is Mr. Livingstone Morrison. Mr. Morrison took over the reign from Justice Hilary Phillips who relinquished the RMOC’s Chairmanship in June 2009 having been appointed to the bench of Jamaica’s Court of Appeal.
Mr. Livingstone Morrison, Chairman of the Regulatory and Market Oversight Committee is keen on the institutional strengthening of the JSE’s regulatory affairs. In this regard, he explains that “we are cognizant of what is happening in the international markets and it is very important that the market is so regulated, that not only local, but international investors have confidence in our market.”
Mr. Graham, Chief Regulatory officer, for his part, stated that “2009 was not without its challenges, however, with the RMOD’s vigilance there were safeguards and therefore investors and stakeholders can have a sense of trust and confidence in the stock market as we journey into the year 2010 and beyond.”
Other activities by the RMOD in 2009 include: The development of four (4) market regulatory rules, implementing the JSE Automated Surveillance System and a special inspection, the creation of RMOD’s Logo, Tagline and its Newsletter.
