2. Disclaimer
The views expressed in this presentation are those of
the Author and do not necessarily represent the views
of the Financial Services Commission, its Board of
Commissioners, its officers or staff.
2Melanie Williams, Senior Legal Officer, FSC11/27/2015
3. Financial Services Commission -
Jamaica
Regulates securities, private pensions and insurance
Securities market is developing – 44 licensed dealers,
with 33 dealers whose core business is securities. FUM
as at December 2014 was J$813.8 Billion (or
approximately US$7 Billion using current exchange
rates)
http://www.fscjamaica.org/library/content-1191.html
3Melanie Williams, Senior Legal Officer, FSC11/27/2015
4. Financial Services Commission
• FSC has a broader mandate – investor education,
consumer protection and monitoring securities,
pension and insurance markets
Use a variety of means to reach investors with FC/IE
content, including anti-fraud – radio, television ads,
print media, town hall meetings, online resources,
education programme in schools
http://www.fscjamaica.org/financial-education-and-
literacy/content-1253.html
4Melanie Williams, Senior Legal Officer, FSC11/27/2015
6. Relevance of Investor Education
for emerging markets
For small emerging securities markets like Jamaica, there
are resource constraints
Capital markets lack depth
Investors – regardless of educational background need
protection
Anti-Fraud educational campaigns shifts the focus from
the fraudster (enforcement) to protecting the investor
6Melanie Williams, Senior Legal Officer, FSC11/27/2015
7. Take-aways from C8 Report for
emerging markets
While emerging markets have less resources, we face
similar challenges in terms of investor fraud
We depend heavily on IOSCO C8 Countries – USA, UK
to assist us in our Anti-Fraud Investigations
The key findings of IOSCO C8 Report are relevant to
emerging jurisdictions, as it challenges the way we
frame anti-fraud campaigns
7Melanie Williams, Senior Legal Officer, FSC11/27/2015
8. Lesson 1 from C8 Report for
emerging markets – Do not judge
the victims
Suspend disbelief – all victims of investor fraud are not
created equal
Understand that the victims of investor fraud are not
to be type-cast
All types of investors can benefit from strong anti-
fraud educational campaigns
8Melanie Williams, Senior Legal Officer, FSC11/27/2015
9. Lesson 2 from C8 Report for
emerging markets – Understand
the target audience
Think like a fraudster and identify vulnerable
communities
Know the fraudster’s target group – especially from
affinity fraud
Where do they live? What are their values? What
message will appeal to them? What is their average
age? What media do they get their news from? What
technology do they use?
9Melanie Williams, Senior Legal Officer, FSC11/27/2015
10. Lesson 3 from C8 Report for
emerging markets – Make it
personal
Using personal testimonies to developing anti-fraud
educational campaigns
Use plain language – no jargon
Timing is everything
Understand the societal norms when developing anti-
investor fraud content
Face-to-face interactions/presentations
10Melanie Williams, Senior Legal Officer, FSC11/27/2015
11. Lesson 4 from C8 Report for
emerging markets – Keep Anti-
fraud message simple and precise
Go back to basics – highly educated persons do not
understand securities
Focus the content on delivering one key message
Do not overload the investor with details
Keep the message simple and easy to digest
Like “Invest smart”
“Think and Check, before you invest”
11Melanie Williams, Senior Legal Officer, FSC11/27/2015
12. Lesson 4 from C8 Report for
emerging markets – keep Anti-
Fraud message simple & precise
“You worked hard for your money, invest
smart.”
“Take your time before you invest”
“Do not invest until you understand the
risks.”
“This is business, invest smart”
12Melanie Williams, Senior Legal Officer, FSC11/27/2015
13. Lesson 5 from C8 Report for
emerging markets – delivery of
Anti-Fraud Messages
Use the delivery options that suit the target or
niche audience
Understand the power of emotions as a barrier to
message delivery
Use the loss of an investor as a teachable moment
Empower the investor
13Melanie Williams, Senior Legal Officer, FSC11/27/2015
14. Lesson 6 from C8 Report for
emerging markets – Build a strong
team
As Regulators, we need the right mix of skill-sets to
develop the campaign
Communication specialists
Behavioural psychologists
Law Enforcement
Marketing & Research Analysts
Focus Groups of target audiences
Securities professionals
14Melanie Williams, Senior Legal Officer, FSC11/27/2015
15. Lesson 7 from C8 Report for
emerging markets – Be persistent
and adaptable
Fraudsters keep changing their tactics
Regulators need to be adaptable – we can out-smart
the fraudsters, or make their lives harder
Be persistent – use intelligence gathered from law
enforcement, SROs, complaints as a basis to obtain
more regulatory powers and funding for databases,
new programmes.
15Melanie Williams, Senior Legal Officer, FSC11/27/2015
16. Thank you
For further information, please contact us at:
Financial Services Commission, 39 – 43 Barbados Avenue,
Kingston 5, Jamaica
williamsmk@fscjamaica.org
inquiry@fscjamaica.org
(876) 906-3010, (876) 578-1063
11/27/2015 Melanie Williams, Senior Legal Officer, FSC 16
