The University of the West Indies’ Mona School of Business and Management (MSBM) will on Wednesday, March 1 host a seminar on the legal and regulatory framework of Jamaica’s securities industry at the Jamaica Pegasus hotel in New Kingston.

Joining the tertiary institution in its exploration of the theme ‘Understanding the Framework of the Securities Industry of Jamaica’ are the Private Sector Organisation of Jamaica (PSOJ) and the Jamaica Chamber of Commerce. VM Wealth is the lead sponsor.

According to a release from MSBM, the seminar is being presented against a backdrop of increased interest in the sector and a need for greater understanding of the rewards and risks of owning securities, the regulations that govern them, and compensation schemes. Moreover, it said the seminar aligns with the school’s advocacy and commitment to being relevant and responsive to matters of importance that affect the business landscape.

“MSBM has a rich history of not only providing the highest calibre of management education through our degree courses but also providing a space for public discourse on matters of importance to the business sector. In hosting this seminar, we hope to provide information on business models and investor risks in the securities sector, provide information on types of compensation schemes, and provide information on the public knowledge/perceptions of the securities sector or what constitutes the securities sector,” MSBM Executive Director Dr David McBean shared.

The seminar comes at a time when Jamaica’s financial services sector faces reputational damage after damning reports of sprint legend Usain Bolt being defrauded of approximately US$12 million from his investment account at Stocks and Securities (SSL). Former SSL employee Jean Panton has also been charged for fleecing other SSL clients of millions.

There has also been reports of fraud at NCB Capital Markets and Sagicor Bank Jamaica Limited.

Since then, Minister of Finance Dr Nigel Clarke has announced changes to governance of the financial services sector with the Bank of Jamaica in charge of regulating the entire financial sector — deposit-taking and non-deposit-taking entities — and the Financial Services Commission transitioning to handle customer complaints in the sector.

Governor of the Bank of Jamaica and recently appointed chairman of the Financial Services Commission Richard Byles will lead a line-up of speakers including MSBM legal counsel Dr Twila Mae Laogan, CEO of the Jamaica Deposit Insurance Company Antoinette McKain, and president of the Jamaica Securities Dealers Association Steven Gooden.

Endorsing the seminar, PSOJ President Metry Seaga said, “The PSOJ recognises the importance of bolstering the country’s financial sector and ensuring that all citizens benefit from a resilient financial ecosystem that serves their best interests. A key component of this is the continued provision of informative seminars, such as this one, being held by the Mona School of Business and Management that will provide industry best practices and key learnings for all stakeholders in the securities industry and, by extension, the wider financial ecosystem.”

He added that the PSOJ welcomes partnering with the MSBM and JCC for such a “timely forum” as it supports moves to position the organisation at the forefront of efforts to restore and retain public confidence within the financial sector.