STATEMENT OF MANAGEMENT’S RESPONSIBILITIES

It is the responsibility of management to prepare financial statements for each financial year which present fairly, in all material respects, the state of affairs of The Trinidad and Tobago Securities and Exchange Commission (the ‘Commission‘) as at the end of the financial year and the operating results of the Commission for the year. It is also management’s responsibility to ensure that the Commission keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the Commission. They are also responsible for safeguarding the assets of the Commission.

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (‘IFRS’). This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,’ whether due to fraud or error, selecting and applying appropriate accounting policies, and‘making accounting estimates that are reasonable in the circumstances.

Management accepts responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with the IFRS. Management is of the opinion that the financial statements present fairly, in all material respects, the state of the financial affairs of the Commission and its operating results. Management further accepts responsibility for the maintenance of accounting records which may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

Nothing has come to the attention of management to indicate that the Commission will not remain a going concern for at least the next twelve months from the date of this statement.

Commissioner Commissioner

November 28, 2016

November 28, 2016

November 28, 2016

Independent auditor’s report to the Members of The Trinidad and Tobago Securities and Exchange Commission

Report on the financial statements

Deloitte & Touche

54 Ariapita Avenue, Woodbrook, Port of Spain, Trinidad, West Indies.

Tel: + 1 868 528 1256

Fax: + 1 358 523 5555

Website: www.deIoitte.com

We have audited the accompanying financial statements of The Trinidad and Tobago Securities and Exchange Commission, which comprise the statement of financial position as at September 30, 2016, and the statement of profit or loss and other comprehensive income. statement of changes in accumulated surplus and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement. including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion of the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion. the accompanying financial statements present fairly, in all material respects. the financial position of The Trinidad and Tobago Securities and Exchange Commission as at September 30, 2016, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Deloitte & Touche

Port of Spain

Trinidad

November 28, 2016

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee. and its network of member firms. each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

FINANCIAL STATEMENTS (as at September, 2016)

Statement Of Financial Position

(Expressed in Trinidad and Tobago Dollars)

The notes on pages 50 to 67 are an integral part of these financial statements.

On November 28, 2016, the Board of Commissioners of the Trinidad and Tobago Securities Commission authorised these finanacial statements for issue.

Commissioner Commissioner

Statement Of Profit Or Loss And Other Comprehensive Income

(Expressed in Trinidad and Tobago Dollars)

The notes on pages 50 to 67 are an integral part of these financial statements

FINANCIAL STATEMENTS (as at September, 2016)

STATEMENT OF CHANGES IN ACCUMULATED SURPLUS

(Expressed in Trinidad and Tobago Dollars)

The notes on pages 50 to 67 are an integral part of these financial statements

Statement Of Cash Flows

The notes on pages 50 to 67 are an integral part of these financial statements

FINANCIAL STATEMENTS (as at September, 2016)

Notes To The Financial Statements

SEPTEMBER 30, 2016

(Expressed in Trinidad and Tobago Dollars)

1. General information

The Trinidad and Tobago Securities and Exchange Commission (the ‘Commission’) is a corporate body and was established by the Securities Industries Act 1995 and now the Securities Act 2012. The Act provides for the regulation of the securities market and connected matters in Trinidad and Tobago. It also provides for the funds received from the Government of the Republic of Trinidad and Tobago, the fees earned and any other income earned from operations to be applied in defraying expenditure authorised by the Commission.

2. Adoption of new and revised International Financial Reporting Standards

New IFRS and amendments to IFRS that are mandatorily effective for the current year

There were no new standards which were mandatory for adoption by Commission for the financial year.

Standards and Interpretations in issue not yet adopted

The Company has not applied the following new and revised IFRS that have been issued but are not yet effective:

• IFRS 9 Financial Instruments3

• IFRS 14 Regulatory Deferral Accounts1

• IFRS 15 Revenue from Contracts with Customers3

• IFRS 16 Leases4

• Amendments to IAS 1 Disclosure Initiative1

• Amendments to IAS 7 Disclosure initiative2

• Amendments to IAS 12 Recognition of Deferred Tax Assets Unrealised Losses2

• Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortization1

• Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants1

• Amendments to IAS 27 Equity Method in Separate Financial Statements1

• Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions3

• Amendments to IFRS 4 Applying IFRS 9 ‘Financial Instruments’ with IFRS 4 ‘Insurance Contracts’3

• Amendments to IFRS 10 Sale of Contribution of Assets between an Investor and its and IAS 28 Associate or Joint Venture1

• Amendments to IFRS 10, IFRS 12 Investment Entities: Applying the and IAS 28 Consolidation Exception1

• Amendments to IFRS 11 Accounting for Acquisitions of Interest in Joint Operations1

• Amendments to IFRS Annual Improvements to IFRS 2012-20141

1 Effective for annual periods beginning on or after January 1, 2016, with earlier application permitted.

2 Effective for annual periods beginning on or after January 1, 2017, with earlier application permitted.

3 Effective for annual periods beginning on or after January 1, 2018, with earlier application permitted.

4 Effective for annual periods beginning on or after January 1, 2019, with earlier application permitted.