The Securities Exchange Council (SEC) expects to have its day-to-day manager and his support staff in place by January 3, 2003. The SEC offices are housed in the Bank of Guyana. The Council is the regulatory body for the planned trading of the stocks of public companies.
The Chairman of the Council, Brian James, told Stabroek News on Friday that the body has been in existence for about nine months and has been working on formulating the necessary regulations and guidelines for the trading of stocks of public companies. The law provides for the SEC to license and register the various players on the stock exchange such as advisers, brokers and trading houses before they can begin trading.
James said that at present the SEC regulates the activities of the Guyana Association of Securities and Investments (GASCI) under the old system. However, he said that trading under the new arrangements could only begin when the member companies of GASCI and others were licensed.