IN THE MATTER OF THE APPLICATION FOR, AND PURCHASE OF 659,588 FIRST CITIZENS BANK LIMITED’S SHARES BY MR. HASSAN PHILLIP RAHAMAN ON AUGUST 12, 2013, AND HIS SUBSEQUENT SALE OF 634,588 FIRST CITIZENS BANK LIMITED’S SHARES ON JANUARY 14, 2014, AND THE ALLEGED CONTRAVENTION OF SECTIONS 91(1), 91(2) AND 94 OF THE ACT (“THE MATTER”)

The Matter above has been concluded by way of a Settlement Agreement, as was published by Trinidad and Tobago Securities and Exchange Commission (TTSEC) on Monday February 3, 2020. The Matter involved alleged contraventions of sections 91(1), 91(2) and/or section 94 of the Securities Act by Bourse Brokers Limited (BBL) and its Managing Director.

BBL is a wholly owned subsidiary of Bourse Securities Limited (BSL).  BSL  was not the subject of any of the alleged contraventions.

Since the Matter was raised, approximately six years ago, BBL has always cooperated fully  and in a timely manner with the TTSEC, our regulator.

BBL maintains, as it has from the outset, that it has not contravened any regulation, law or practice and we remain steadfast in our position. Accordingly, the Settlement Agreement has been arrived at without any admission of wrongdoing, guilt or liability, whether civil, criminal or otherwise, on the part of BBL and/or its Managing Director.

The protracted delays in the conclusion of this Matter and the possibility of even further extended delays without settlement, together with the burden of the attendant costs and other  resources, have caused us to join in the aforementioned Settlement Agreement . This Agreement allows us to put this Matter behind us and to focus,  even more so, on adding value to our clients and other stakeholders.

We thank all our clients and stakeholders for their continued confidence in  our Company.

February 3, 2020