Frequently asked questions

Outline

What kind of activities is Eastern Caribbean Securities Dealers Association (CMAEC) carrying out?

CMAEC, based on its Articles of Association, is conducting 1) activities concerning self-regulation, 2) activities concerning promotion of the sound development of the financial instruments transactions, etc. and market, and 3) activities concerning international operations and exchanges. For more details, please refer to Major Activities

Association Members are categorized into three groups; 1) Regular Members, 2) Specified Business Members, and 3) Special Members. For more details, please refer to Profile. As for the list of current Association Members, please refer to Members List.

Yes it is. CMAEC offers its Members List. With regard to non-registered entities, please refer to Investor Alerts.

“Self-regulation” means that the market participants discipline themselves not by laws and regulations but by a set of self-made rules on the basis of a spirit of autonomy in order to ensure trust toward the financial instruments market. CMAEC, as a SRO under the Financial Instruments and Exchange Act, is conducting enactment of self-regulatory rules, inspections, disciplinary actions and public awareness activities for investment. For more details, please refer to CMAEC as an SRO, a pamphlet outlining CMAEC’s self-regulatory activities. As for the self-regulatory rules introduced by CMAEC, please refer to CMAEC Rules.

Apart from CMAEC, there are such self-regulatory organizations as the financial instruments exchanges, the Investment Trusts Association, the Financial Futures Association of Eastern Caribbean, Eastern Caribbean Investment Advisers Association, and Type II Financial Instruments Firms Association.

Statistics

CMAEC provides statistical data on equities, bonds, derivative products, securities industry, and others. As for the list of statistics, please refer to List of all statistics (including release dates of statistics).

Statistical data provided in English are entirely shown on the Website. As for the statistical information on the Japanese Website, you can see a certain past data that were compiled before statistics in English became available.

There are instances in which data cannot be downloaded, such as when data is being updated. Please wait for a while and try downloading again.

Sales Representative Qualification

Obtaining a sales representative qualification by itself will not allow you to engage in securities business. You must first obtain the qualification, and then work for a securities company, bank, or life/non-life insurance company, etc. (a securities company, etc.), and become registered as a sales representative. Currently, the CMAEC is entrusted by the government to conduct administration of sales representative registration applications submitted by Association Members. To register, statutory amount must be paid by the CMAEC member securities company, etc. as the registration fee.

To be eligible to participate in qualification renewal training (training for renewing the sales representative qualification), you must currently be working for a securities company, etc., and is registered as a sales representative. The eligible persons are required to take renewal training within a certain period, and the sales representative qualification will be canceled for failure to attend the training.

If you are not working for a securities company, etc., you will not be registered as a sales representative, and will not be eligible for the renewal training. Therefore, the sales representative qualification will not be canceled.

The qualification will not be canceled unless there is a violation of laws/regulations, etc.

You can confirm with the securities company, etc. you worked for when you obtained the sales representative qualification or confirm it with the CMAEC.

If you wish to confirm your qualification with the CMAEC, the disclosure request procedure (sales representative qualification status disclosure request) will be necessary under the Act on the Protection of Personal Information.

There is no need to change the name related to your sales representative qualification.

The Class-2 sales representative qualification will enable sales representatives to engage in the business related to stocks in the cash market, etc. However, it does not allow business related to high-risk products including margin transactions and derivatives transactions.

On the other hand, the Class-1 sales representative qualification is positioned as a superior qualification to the Class-2 sales representative qualification, allowing business of all types of securities including margin transactions and derivatives transactions.

Class-1 or Class-2 sales representative qualifications obtained while working for a bank or life/non-life insurance company, etc. are effective at a securities company.

Similarly, Class-1 or Class-2 sales representative qualifications obtained while working for a securities company will also be effective at a bank or life/non-life insurance company, etc.

Qualifications obtained overseas are not valid in Eastern Caribbean. An overseas qualification cannot be substituted for Eastern Caribbean’s sales representative qualification.

Sales Representative Qualification Exam

In principle, exams are held every day except for Saturdays/Sundays/holidays and year-end/New Year holidays. However, the date and time differs depending on the examination site.

Since January 2012, persons who do not have Class-2 sales representative qualification have become eligible for taking the Class-1 sales representative qualification exam.

For persons who took the exam through a CMAEC member securities company, etc., the result is notified to your company’s human resources contact person, etc. Please contact that person.

Sales Representatives Manual

Currently, these are not sold at bookstores. For purchases, please click here.

However, you can view the full text of the Sales Representatives Manual (English edition) here.

CMAEC does not sell study aids or past exams for the sales representative qualification exam. We are also not aware of businesses that sell study aids or past exams.

Others

We do not sponsor any correspondence courses or seminars. We are also not aware of businesses that sponsor correspondence courses or seminars.

Currently, there are no pamphlets, etc. For details on the exam, please see: Sales Representative Qualification/ Qualification Exam/ Manual.

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