The Editor, Sir:

The recommendation of the Ministerial Committee to the Cabinet for amendments to the law which could pave the way for the new foreign exchange investment schemes to operate legally and responsibly is welcome news. The Cabinet has given instructions for urgent steps to be taken to ensure that legislation addresses the operation of investment clubs.

While other aspects of the announcement leave some room for clarification, this is a progressive step which I believe will go a long way towards relieving the tension in this sensitive area of national importance.

In the interest of developing confidence and trust in the decision- making process, I would further recommend that the Cabinet invites to the table leaders in the investment clubs to ensure all issues are adequately addressed towards a final legislative framework for the operation of these clubs.

New association

The public and the authorities would be happy to know that progress is also being made on other fronts. I am reliably informed that a group of the larger currency traders and investment clubs have, arising out of conferences held in Montego Bay and Kingston, recently formed an association which has now been formally incorporated. It is called the Caribbean Currency Traders Association Ltd. (CCTA).

The association was formed in recognition of the need for a regulatory regime that addresses the unique needs of this new industry while preserving regulatory state oversight by the responsible arm of Government.

My observation is that these groups seek to function with the highest moral and ethical integrity. This is evident both in their business relationships and personal lives. In addition, there is a strong sense of commitment towards empowerment of the people in the best interest of the national good.

Rogue elements

One of the critical issues which came up in those meetings was defining criteria for membership, as the association recognises that the public needs to be protected from any rogue elements or scam operations which could infiltrate the industry.

The objectives of the CCTA include:

"Undertake the self-regulation of members to ensure that the objectives of the CCTA are met and using the expertise and resources of the members to protect the public interest and, in particular, the interests of the investing public and the reputation of the industry."

Other areas of interest covered by the association are:

1. Professionalism, fair practices and the just and equitable principles of the trade.

2. Education of members and the public at large in all aspects of foreign trading and the best practices of risk management and business practices.

3. Develop and maintain cooperative relations with relevant regulatory bodies and similar self-regulatory organisations regionally and internationally.

4. Adopt and enforce rules to prevent manipulative acts and practices, and to ensure transparency and accountability in the public interest.

These are encouraging signs in the industry. It lays the foundation for some collaborative discussions within the financial and business sector along with the efforts of the Government to urgently adopt new legislation to govern this new initiative of investment clubs on the local market.

_{I am, etc.,}

_{BISHOP C.B. PETER}

_MORGAN

_{City Life Ministries}

_{bishop.petermorgan@yahoo.com}