Regulatory Alerts2006-10-01
Guidelines on Share Repurchases Pursuant to the Companies Act 1995 and the Securities Industry (Take-Over) By-Laws, 2005
The Trinidad and Tobago Securities and Exchange Commission issued these guidelines to regulate normal course issuer bids for share repurchases under the Companies Act 1995 and the Securities Industry (Take-Over) By-Laws 2005. The document establishes strict eligibility criteria, including a minimum 30% public float, and defines specific volume limits and pricing restrictions to prevent market manipulation and ensure fair treatment of all shareholders. It mandates comprehensive disclosure requirements, such as filing detailed notices with the Exchange and Commission, issuing press releases, and reporting repurchase activities to shareholders to maintain transparency and protect creditor interests.
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