Playing by the Rules

Publication 9. 2019

During the last few years the Dutch Caribbean Securities Exchange (“DCSX”) platform has grown having more “players on the field”, more Listing Advisors, more Member Brokers, and more listings. With that, the DCSX team also expanded its “umpiring” over whether the players are playing by the rules.

Client Due Diligence and Compliance in general having in an ever-increasing fashion taken a center stage position. Our Listing Advisors must comply with the Rules for Listing Advisors and ensure that their listings are in compliance with the Listing Requirements. Those who are interested in becoming Listing Advisor on the DCSX must take this compliance very seriously.

At the DCSX Compliance department, we maintain a rigorous inspection of documents received.

What do we mean by that? Here are some examples:

• For non-face-to-face clients all received passports should be a clear color copy and certified by a notary, lawyer or financial institution like a bank (not by the owner or a company representative);
• The articles of incorporation should be clearly signed by a notary or equivalent officer;
• The shareholders’ register should be certified by one of the Executive Directors of the Company.

Some may think these are “no brainers”, but we have encountered many instances where we initially receive insufficient or incomplete information. For important documents such as passports, articles of incorporation, shareholders’ registers, etc., it is important to ensure that you, as a Listing Advisor, have a mechanism that authenticates the document you are providing us; especially when you are a Listing Advisor in charge of International Listings; i.e. Listing for entities that are not legally domiciled in our jurisdiction. A document with no signature or stamp could have been easily prepared by anyone.

Take English-translated documents, for example, the translation should be certified by an official translator; the same as copies of the “original documents” should be clearly authenticated as being a “Certified True Copy of the Original”.

It is understandable that sometimes a heavy workload and the desire to serve your clients as quickly as possible can influence the initial quality of the delivery of documentation. Rest assured that after our review we will immediately follow up by providing our feedback.

We simply reiterate our request to our Listing Advisors and those planning to become Listing Advisors on our platform to Play by the Rules:

• For the current Rules for Listing Advisors: Click here
• For the Listing Requirements for Tradeable Listings: Click here
• For the Listing Requirements for Technical Listings: Click here 
• For the general DCSX Rules and Regulations: Click here

This publication is presented to you by the Dutch Caribbean Securities Exchange

Written by N. Martina. Edited by D. Intriago and R. Römer.