BISX Chairman Ian Fair announced on Thursday that the exchange is now an affiliate member of the International Organization of Securities Commissions (IOSCO), which is acknowledged as the premier international body of securities regulators and administrators.
Mr. Fair’s announcement came days after a report on BISX was released to the media. But he refused to comment on the matter, saying only that he found it “staggering” that the Bahama Journal had released details of that report.
In the report, the special committee headed by Central Bank Governor Julian Francis recommended that the government, through the Central Bank, assist BISX to the tune of $450,000 over a three-year period, and that the shareholders of the exchange be called upon to match that amount.
This recommendation comes a year after the Central Bank pumped $150,000 into the limping exchange.
That report also pointed to the lavish spending habits of executives of BISX as one of the reasons why the exchange faces financial troubles.
But on Thursday, Mr. Fair instead chose to focus on what he called a significant achievement for BISX given that the exchange is only in its third year of operation.
He said membership in the IOSCO ” means access in a professional way to information, involvement and certainly it gives The Bahamas recognition.”
Mr. Fair added, “It means that we can attend their annual conferences and workshops, which improve our knowledge and flow of information into the Bahamas.”
BISX attained its affiliation in October at the 28th annual conference of the IOSCO, which was held in Seoul Korea.
Mr. Fair said the fact that BISX has reached this important step, speaks volumes of its place in the greater world community.
He pointed out that the international organization sets the global standard for proper securities regulation.
Acting Chief Executive Officer of BISX Keith Davies said because BISX is now an affiliate member of IOSCO, a strong message has been sent to the world that BISX’s exchange is not only recognized by the greater global community but, also respected for its ability to regulate its membership.
“This and others that we are pursuing will enable users of the exchange to gain wider international exposure through BISX and in turn will attract new business to BISX,” Mr. Davies said.
He added, “BISX automatically became a member of the IOSCO Self Regulatory Organizations (SROs) Consultative Committee, which allows SROs the opportunity to provide substantive and constructive input into the regulatory initiatives that IOSCO focuses on.
The IOSCO, which has a worldwide membership base of 181, currently assembles its members to resolve issues and cooperate to promote high standards of regulation in order to maintain just, efficient and sound markets; to exchange information on their respective experiences in order to promote the development of domestic markets and to unite their efforts to establish standards and an effective surveillance of international securities transactions.
By Yvette Rolle -Major, The Bahama Journal
