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News : World Last Updated: Jan 24th, 2023 - 12:07:01

SS Hell
By Marston Gordon
Jan 24, 2023, 12:01

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The SS (Schutzstaffel, or Protection Squads) was originally established as Adolph Hitlerís personal bodyguard unit. It would later become both the elite guard of the Nazi Reich and Hitlerís executive force prepared to carry out all security-related duties, without regard for legal restraint.

Too many regulators
The Financial Services Commission (FSC), Bank of Jamaica (BOJ) and Regulatory and Market Oversight Committee (RMOC), the latter of which is a delegated authority of the Jamaica Stock Exchange (JSE) have crowded the regulatory space and confused investors. The whole landscape is in shambles and now the Minister of Finance, Dr. Nigel Clarke, has seen it fit to appoint the BOJ Governor, Richard Byles, as Chairman of the FSC. What madness? Up to last week three of the FSC commissioners were former directors of the BOJ and in prior years the BOJ had appointees to the JSE.

Two of the most difficult things to do in Jamaica are to establish or maintain bank account and brokerage account. There are arbitrary limits on daily, weekly and monthly withdrawals allegedly set by BOJ that the commercial banks donít bother advising its customers of, not to mention cash deposit limits that expose business customers to robbery and murder. Armoured security companies have effectively become financial intermediaries to the extent that they collect, transport and update (post) record to the commercial banks.

The BOJ is busy toying with central bank digital currency (CBDC) when a large percentage of the population donít have at least one bank account. They are focused on watching the customer with the ins and outs of their own money and not on the custodians.

JSE and brokers
The JSE online trading platform (jtraderpro) is not fully integrated with individual brokerage account so there is a gap between the clientís account balance at the brokerage and what is reflected on the JSE platform; it requires the client to fund in or fund out to equalize. This weakness could lead to unauthorized use of the clientís fund at the brokerage without notice.

The post of Chairman at the FSC is mostly a political appointment. In one instance, the Chairman of FSC served concurrently as Chairman of a publicly traded company that was at the time engaged in a predated acquisition agreement that was not disclosed to the investing public or minority shareholders.

Stock of insecurities
With the advent of personal bankers and wealth advisers, separation of functions at banks and brokerages have all but disappeared; that one person request disbursements, provide statements, investigate queries etc. is recipe for disaster.

Types of brokerage accounts
There are different type of investments made through a brokerage account, example for equities, bonds etc. It is doubtful that Usain Boltís vast sum was in equities otherwise he might have noticed his disappearance from top shareholderís listing or missing dividend payments.

Every investment carries some risk and is partly the reason why there is a return whether in the form of interest or dividend. It is therefore illogical to clamour for Bolt to get back his money from I donít know who or where except from SSL...and there are legal processes for that.

Source: Jamaica Stock Exchange, Bank of Jamaica, Financial Services Commission, Wikipedia

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