Posted byadmin November 14, 2019December 19, 2019 A Individual Licensing Requirements Each intermediary must designate an individual (or individuals) as a licensed principal and a registered representative. One or more persons can be licensed to perform the functions of both the licensed principal and registered representative. The licensed principal shall represent, vote and act on behalf of the intermediary in all affairs of the Exchange. The licensed principal is also responsible for supervising activities of the firm and liable for all activities of the employees of the firm. The registered representative’s functions include the solicitation of customers, trading, underwriting of securities offerings, supervisory and back-office operations, research and training, and management or supervision of persons engaged in the aforementioned activities. If, however, the registered representative is employed by a limited service broker firm, their activities are constrained by the firm’s limited service provision. Potential applicants must pass a Fit and Proper Persons test, and a Principal or Registered Representative examination. The objective of this test is to determine whether the individual is of sound character and will uphold the values and standards of the ECSE. Before taking the Principal or Registered Representative examination, individuals have the option to pursue a training course offered by the ECSE. Additionally, these individuals must disclose any past legal infringements, relationships with major shareholders and loans in excess of EC$100,000.