Securities Industry Act - The Bahamas Laws On-Line - The ...

SECURITIES INDUSTRY [CH.363 – 17
19. (1) Notwithstanding anything contained in any
other law but subject to subsection (2), no trading in a
listed security shall take place in The Bahamas except on
the Securities Exchange on which it is listed in accordance
with this Act and any regulations or rules made thereunder.
(2) Subsection (1) shall not apply to individuals who
are trading in securities for his, her, or their own account or
for the account of his or her spouse and children (or his or
her spouse or children) under eighteen years of age.
20. (1) A company desiring to provide clearing,
settlement, depository, custody or other services which
facilitate or are ancillary to the operations of a Securities
Exchange may not do so until it has been approved and
registered by the Commission which shall have the
exclusive authority to approve and register companies
engaged in such services, and such company shall be
referred to individually as a “facility”.
(2) Application by a company for registration as a
facility shall be made only by a company incorporated or
registered under the Companies Act and shall be made to
the Commission in the prescribed form accompanied by
the prescribed application fee and shall include a certified
copy of its Memorandum and Articles of Association
together with any other documentation as the Commission
may require.
(3) No person may establish or maintain or assist in
establishing or maintaining a facility, or conduct business
with any facility other than one registered in accordance
with this Act.
(4) Any person who contravenes subsection (1) or
(3) is guilty of an offence and shall be liable on summary
conviction to a fine of one hundred and fifty thousand
dollars or to imprisonment for two years or to both.
21. (1) No person other than a broker-dealer which
has obtained membership to trade on a Securities
Exchange may trade on such exchange.
(2) Any company (whether acting as a dealer for its
own account as principal or as a broker for the account of
another) which wishes to effect or attempts to effect any
transaction or otherwise to engage in any dealing in any
securities listed on a Securities Exchange with the public
Trading in listed
securities
restricted to a
Securities
Exchange.
Clearing,
settlement,
depository and
custody facilities.
Ch. 308.
Broker-dealer.
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS