The Trinidad and Tobago Securities and Exchange Commission is now on the scoreboard, having completed its first ever formal insider trading investigation under its Securities Industry Act, Caribbean360 reports. Looking into allegations that Mexican company CEMEX used unpublished price sensitive information in two attempts to gain a controlling interest in Trinidad Cement Limited in 2002, the T&T SEC said that while it had
“found considerable evidence of unacceptable market conduct, the evidence was insufficient to meet the requirement of the law to prove intent, or to overcome defences provided in the law,” the Commission’s Chairman and Chief Executive Officer Osborne Nurse said in a statement released yesterday.
“As a result, the Commission has accepted the advice and recommendations of its legal counsel and has decided to close the matter.”
But Mr Nurse said that the Commission has embarked on a number of initiatives “to ensure a greater likelihood of success in taking future enforcement action”, including a recommendation that the law be revised to ensure that insider trading is not provided with any defences within the securities legislation.