Securities Dealers must satisfy the following criteria to be designated as a Primary Dealer

  1. The Principal(s) (directors, shareholders holding ≥ 10% shares and managers involved in the Primary Dealer business) of the applicant must meet BOJ’s fit and proper requirements (See Fit and Proper Notification and Questionnaire for Primary Dealers on BOJ’s website: BOJ | Fit & Proper)
  2. The applicant must be registered to operate in Jamaica (valid copy of Certificate of Incorporation required).
  3. The applicant must be licensed by the Financial Services Commission (FSC), and produce a copy of the valid certificate issued by the FSC authorizing the operation of dealing in securities.
  4. There must be no regulatory sanction existing or pending against the applicant and the applicant must not have been subject to any regulatory sanction in the last seven (7) years.
  5. The applicant must comply with the terms of the Bank of Jamaica (Dealings in Foreign Currency) (Exempt Securities Dealers) (Investment Grade Instruments) Ministerial Orders issued from time to time, pursuant to section 22C of the Bank of Jamaica Act[1].
  6. The dealers must demonstrate an active level of participation in the domestic money market via the auctions for BOJ and GOJ instrument thereby demonstrating their ability to effectively operate as a Primary Dealer.
  7. The applicant must satisfy the requirements for operating an account at BOJ. (See Operating an account at BOJ)
  8. Demonstrate the capacity to electronically transmit information to BOJ.

[1] The Bank of Jamaica (Dealings in Foreign Currency) (Exempt Securities Dealers)(Investment Grade Instruments)(Exemption) Order, 2021


Documentary requirements for designation of Primary Dealer
An applicant for designation as Primary Dealer must submit the following documentation:

  1. Declaration of monthly holdings in GOJ and BOJ Securities denominated in Jamaica Dollars and foreign currency, for the 6-month period immediately preceding the application date (Including funds undermanagement).
  2. Monthly log of GOJ and BOJ securities acquired on the secondary market, for the 6-month period immediately preceding the application date.
  3. Declaration of total Securities denominated in Jamaica Dollars and foreign currency on a monthly basis, over the 6-month period immediately preceding the application date (Including funds undermanagement).
  4. Articles of Incorporation/Memorandum and Articles of Association
  5. Board Resolution and Approval to undertake Primary Dealer activities.
  6. Valid Tax Compliance Certificate
  7. Audited Financial Statements for the preceding two years
  8. Statement from bankers on business account(s) held, and supporting bank statements for six (6) months immediately preceding application date.

Change in Ownership

Where a Primary Dealer has undergone a change of over 50% of its ownership, the Certificate of Designation lapses, and will be rescinded, as Certificates of Designation are non-transferable. The new owners of the company may apply to BOJ to be designated as a Primary Dealer, and to be issued with a new Certificate of Designation. The usual process governing an application for designation as a Primary Dealer as outlined herein will apply in the circumstances. Primary Dealers are obliged to inform BOJ of any transaction which would result in a change of over 50% ownership in the company, and the details thereof at least three (3) month prior to the date of the transfer. The Primary Dealer, in these circumstances, is required to surrender the Certificate of Designation when the said transaction is completed.

Discretionary Powers

BOJ and GOJ reserve the right to deny an applicant being designated as Primary Dealer based on the outcome of their internal assessment and their judgement of the applicant’s ability to effectively operate as a Primary Dealer.

PD/001A Dated September 2022