‘The Bahamas is aspiring with renewed energy and sharper focus to innovative product development, professional competence and legislative and regulatory support for the sector,’ the Bahamas Financial Services Board (BFSB) observed this week.
The Bahamas government recently announced that it will be overhauling the jurisdiction’s securities legislation in order to stimulate the growth and expansion of capital markets and bolster the mutual fund industry.
‘The Bahamas is aspiring with renewed energy and sharper focus to innovative product development, professional competence and legislative and regulatory support for the sector,’ the Bahamas Financial Services Board (BFSB) observed this week, noting that Prime Minister, Perry Christie recently announced that a remodelling of the Securities Industry Act ‘is high on the government’s legislative agenda’.
According to the BFSB, there are several legislative changes currently taking place, and more in the pipeline:
‘The amended Mutual Funds Act/Regulations legislation is being finalised for presentation to parliament in October. Similarly, it is anticipated that the long-awaited Protected Cells Legislation soon will be brought to Parliament, representing yet another boost to the mutual funds industry. Further announced were plans to…liberalise exchange control regulations to allow access to the investment currency market under more favourable terms,’ the financial services industry body explained.
Speaking following the appointment of a new board for the Securities Commission of the Bahamas, the industry’s principal supervisory body, Financial Services and Investments Minister, Allyson Maynard-Gibson reiterated the government’s commitment: ‘to building a sound and effective regulatory environment, to not only protect investors, but also to promote integrity, growth and development in the securities market.
