Regulatory body closely monitoring US$30-million payout to clients

Durrant Pate/ Contributor

The Financial Services Commission (FSC) has provided an update on ongoing regulatory actions concerning Stocks and Securities Limited (SSL), which is being liquidated amid the fleecing of clients funds, including Jamaican sprint legend Usain Bolt.

In this latest update, the financial regulator says it is closing monitoring the payout to the client, which is primarily being made from the proceeds of the sale of the International Securities Client Portfolio with an approximate value in excess of US$30 million.

In exercise of its powers under Section 68(1A) of the Securities Act, the FSC continues its active regulation of SSL with a focus on ensuring that the company strictly adheres to the requirements set forth in the Securities Act.

This latest public statement by the FSC is being made in the interest of the securities industry and the public’s interest. In its role as the regulator, the FSC has taken steps to safeguard the interests of SSL’s clients and maintain the integrity of the financial system. 

As part of this ongoing supervision, the FSC has issued directions to SSL, dated July 31, 2024, which require SSL to provide periodic updates.

SSL mandated to provide periodic updates 

These directions are designed to enforce transparency and accountability during the winding-up process of SSL. A key aspect of these directions is the requirement for SSL to provide the FSC with periodic updates on, among other things, the status of payouts to clients. 

Based on the latest information provided by the trustee, SSL is advanced in its plans to make a payout to SSL clients. To ensure full compliance with the directions, the FSC will be closely monitoring SSL’s actions throughout this process. 

According to Executive Director, Lieutenant Colonel Keron Burrell, “the FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act.” 

Meanwhile, the FSC continues to collaborate closely with law enforcement agencies to ensure the pursuit and successful completion of thorough investigations of any improprieties at SSL. 

The FSC is assuring all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary.