TTSEC Guidelines on Implementation of the Tax Information Exchange Agreements (United States of America) Act 2017

TRINIDAD AND TOBAGO SECURITIES AND EXCHANGE COMMISSION LEVEL 22-23, TOWER D, INTERNATIONAL WATERFRONT CENTRE 1 WRIGHTSON ROAD, PORT OF SPAIN, TRINIDAD, W.I Phone: (868) 624-2991 Fax: (868) 624-2995 Email Address: ttsec@ttsec.org.tt Websites: www.ttsec.org.tt www.investucatett.com TTSEC-C&I-20170-CG-31/10/2022 October 31, 2022 CIRCULAR LETTER ISSUED TO: BROKER-DEALERS, UNDERWRITERS AND INVESTMENT ADVISERS REGISTERED UNDER THE SECURITIES ACT, CHAP 83:02 GUIDELINES ON THE IMPLEMENTATION OF THE TAX INFORMATION EXCHANGE AGREEMENTS (UNITED STATES OF AMERICA) ACT 2017 (“TIEAA”) (“GUIDELINES”) The Trinidad and Tobago Securities and Exchange Commission (“Commission”) previously issued draft Guidelines on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, No. 4 of 2017 (“TIEAA”) (“the Guidelines”), to guide registrants in implementation of, and on-going compliance with, the reporting requirements under the TIEAA. In this regard, you are advised that these Guidelines, issued under section 146 (2A) of the Securities Act, Chapter 83:02 (the Act), were laid in Parliament on September 9, 2022, and are now in effect. The finalised Guidelines can be accessed on TTSEC’s website at https://www.ttsec.org.tt/ttsec-guidelines-for-the-tax￾information-exchange-agreement-united-states-of-america-act/ Key points to note, include:

1. An applicable registrant is required to implement a robust framework to ensure compliance with the TIEAA Guidelines;
2. In accordance with section 6 of the Guidelines, each applicable registrant is required to conduct a self-assessment using the TIEAA Self-Assessment Form (Appendix I) and submit evidence of that assessment to the Commission, within 30 days of issuance of these Guidelines;
3. Where a change occurs in the classification, an applicable registrant is required to notify the Commission within 30 days of the change;
4. To ensure compliance with the reporting requirements, an applicable registrant must designate a manager or senior official as the responsible officer;
5. In accordance with section 146(3) of the Act, contraventions of an issued Guideline will not constitute an offence, but this shall not prevent the Commission from taking action under section 90 of the Act. The effective date of issue of these Guidelines is determined as November 1, 2022. Kindly submit your completed TIEAA Self-Assessment Form to tieaa-guidelines@ttsec.org.tt by close of business on December 1, 2022. Please be guided accordingly. Yours sincerely, Lystra Lucillio Chief Executive Officer (Ag.)