Brokerage Acccount FAQs

Please click on each question to view the answer.

What is a Brokerage Account?

A brokerage account is an electronic record of an investor’s shareholdings of publicly traded shares and is required in order to buy or sell shares on The Trinidad and Tobago Stock Exchange (TTSE), where the trading of shares is conducted. The Trinidad and Tobago Central Depository (TTCD), a subsidiary of the TTSE, is the company that manages the records of a client’s share holdings. Brokers are responsible for opening brokerage accounts and accepting instructions for these accounts from investors. Brokerage accounts are also referred to as “TTCD Accounts”. There is no charge for opening or maintaining a Brokerage account.

Can I add someone to a brokerage account?

Persons cannot be added to an existing brokerage account. A new joint account will need to be opened after which the shares in the single account may be transferred to the joint account via a buy and sell trade or what is known as a “put through” between immediate family members. (More below)

Can I open a brokerage account with my child?

Accounts may be opened with a child as long as the child has attained the age of 18 years.

Can I have a brokerage account joint with any number of persons?

A brokerage account can have a maximum of four (4) joint owners.

Can I remove someone from a brokerage account?

Investors cannot be removed from a brokerage account.

What happens if a joint party to a brokerage account is now deceased?

The other holder(s) on the brokerage account are now the owners of the shares in the account but documentation must be provided to the TTCD to confirm the passing of the deceased persons and removal of their name from the account formally requested.

Can I have a beneficiary on my brokerage account?

Brokerage accounts do not have beneficiaries.

Can I have more than one brokerage account?

Investors can have multiple brokerage accounts.

Can I have brokerage accounts with other brokers?

Investors can have brokerage accounts with any broker.

Can anyone be a joint holder on a brokerage account?

Anyone can be a joint party to a brokerage account, once they are over the age of 18 years.

Do I have to open a new brokerage account when I participate in an IPO?

A new brokerage account is not required to participate in an IPO, unless you do not have an existing brokerage account.

Can I transfer my shares to someone?

ALLOWED

NOT ALLOWED

  • spouse to spouse
  • sibling to sibling
  • parent to child (18 years and over)
  • child to parent
  • grandchild to grandparent
  • divorcé to divorcée and vice versa
  • common-law spouse to common-law spouse
  • grandparent to grandchild
  • godparent to godchild and vice versa
  • aunt/uncle to nieces/nephew and vice versa
  • cousin to cousin

Can I sell my shares to specific persons?

This may be possible but subject to market conditions.

Do I have to be a national to have a brokerage account?

You do not have to be a national to have a brokerage account.

Can a company have a brokerage account?

A company can have a brokerage account.

Can a sole trader open a brokerage account?

A sole trader cannot open a brokerage account as it is not a legal “person” under the law. A brokerage account can, however, be opened in the name of the individual operating a business as the sole trader.

Can a partnership open an account?

A partnership cannot open a brokerage account as it is not a legal “person” under the law. A brokerage account can, however, be held jointly in the name of individuals of a partnership. (Maximum four (4) joint holders)

Can my sou-sou/club open a brokerage account?

A sou-sou/club cannot open a brokerage account. A brokerage account can, however, be held jointly in the names of individuals of such a group. (Maximum four (4) joint holders)

Can an individual or another company be a joint holder on a brokerage account with another company?

It is considered best practice for a Company to have an account without joint holders as there may be concerns over comingling of company and personal funds, which is a violation of Central Bank regulations.

Is a brokerage account an “And” account or “Or”?

Brokerage accounts require instructions from all owners/holders with respect to their transactions

Typical Account Opening Requirements

  • Two (2) forms of valid Government issued picture identification
  • Proof of address in the form of a utility bill not older than three (3) months
  • Proof of income in the form of a pay-slip not older than one (1) month
  • Proof of chequing or savings bank account number to complete dividend remittance details; Accounts must not be dormant or inactive

These requirements may differ depending on individual circumstances and for Corporate Investors. For further information contact your stockbroker.