Saint Lucia Passes Stock Exchange Legislation

Contact: Janin John

Wednesday, June 27, 2001 – The St. Lucia House of Assembly has passed legislation to permit the establishment and operation of the proposed Eastern Caribbean Securities Exchange (ECSE). Prime Minister and Minister of Finance, Economic Affairs, and Information, Hon. Dr. Kenny D. Anthony, piloted the bill at Tuesday’s sitting of the House.

The ECSE, being spearheaded by the Eastern Caribbean Central Bank, will facilitate the buying and selling of financial products, including corporate stocks and bonds and government securities, in the eight countries which make up the Organisation of Eastern Caribbean States (OECS).

“Increasingly, it is becoming difficult to raise funds for development, particularly on the international market.  Our companies here in St. Lucia have to begin to think increasingly of looking towards the regional market not only to raise capital but also to extend their own reach and their operations so that this legislation will provide them with the kind of security and the umbrella to do so,” said Dr. Anthony.

Tuesday’s sitting of the House also saw the passage of  the Companies Amendment Act 2001 which will facilitate the merger of the National Commercial Bank and St. Lucia Development Bank to create the Bank of St. Lucia. Another bill, related to the regulation of the financial services sector, was passed into law as the Registered Agent and Trustee Licensing Amendment Act 2001.

The National Development Corporation Bill, introduced by the Prime Minister, was also given its first reading.

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