All retail bank customers must open accounts with JCSDTS to facilitate the retention of securities and provide us with a copy of their Government of Jamaica Taxpayer Registration Number (TRN) if they have not yet done so, as this is mandatory for opening an account with JCSDTS. If you do not currently have an NRT, please visit the Jamaica Tax Administration (TAJ) website at for information on how to receive your NRT. Each customer/s receives a unique JSCSDTS account number different from the VMWM account number for retail deposits. This JSCSDTS number is a unique account number that allows you to independently monitor your transactions through the online portal JSCDTS. Please note that if you do not wish to be part of the new retail banking structure, you cannot, on a regulatory basis, manage a repo account with a stockbroker. By accepting the new MRRA, NZBCM authorizes, as a client, the transfer of the securities underlying the trust agreement when it takes effect. The BCN must have all its customers sign the new MRRA in order to comply with the 2014 Retail Repurchase Agreements. The revised Retail Banking Agreement is part of the Jamaican Financial Sector Government `GoJ` reform strategy to reduce the risk of loss for clients who invest in personal pension (rest) transactions if securities dealers do not remedate client funds. This has an impact on the treatment of assets used to secure repurchase investments. The amendments affect clients who invest in deposits in which the NCB provides the client with advantageous securities (i.e., the right to benefits for another party`s assets) rather than selling them or transferring them directly to the customer. This type of repo has been referred to by regulation as the Retail Repurchase Agreements. The reform affects all securities dealers and is mentioned by the Financial Services Commission.

According to the FSC, this measure, which is part of the government`s national reform strategy, is designed to reduce the risk of losses to investors in the event of disruption to the industry or a stockbroker/dealer`s failure. Currently, there are no fees or fees due to the review. However, in the future, processing fees may be charged due to the threat of fees imposed by JSCDTS on securities dealers. The transition of retail investors to the new structure is planned for June 2015. JCSDTS Limited maintains assets in “confidence” from August 2015. All securities dealers must be compliant by August 31, 2015. Under the new rules, all existing and new retail bank customers must sign the revised Master Retail Repurchase Agreement (MRRA), which defines the terms of the rean contract.