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

SECURITIES INDUSTRY [CH.363 – 19
Provided that a company incorporated less
than six months prior to the date of application
shall provide an audited opening balance sheet;
(e) a written statement of the applicant’s operational
capabilities;
(f) any such other information or documentation
which the Commission considers important or
appropriate.
(2) Before registering the applicant as a broker-dealer
the Commission shall —
(a) be satisfied that the applicant and its principals
are fit and proper persons who have and
maintain a good reputation;
(b) consider and if satisfied of their appropriateness
taking into account the intent and purposes of
this Act approve the Memorandum and Articles
of Association referred to in subsection (1)(b);
(c) be satisfied that the applicant’s principal
business will be stockbroking and dealing in
securities;
(d) be satisfied that the applicant’s operational
capabilities and the qualifications of the applicant,
its directors, substantial shareholders and
officers meet all the standards set by the
Commission.
(3) The Commission shall not approve or register as
a broker-dealer any company which has issued bearer shares
and shall require an undertaking from every broker-dealer
that it shall not issue bearer shares.
(4) The Commission shall have the authority to
approve or deny any application for registration or may
delay its decision and request additional information or
documentation from the applicant as it may deem
necessary or desirable.
23. (1) Upon being satisfied that the provisions of
this Act and the regulations have been complied with, the
Commission shall register the applicant as a broker-dealer.
(2) Where the Commission refuses an application
for registration, it shall notify the applicant in writing of the
reasons for so doing and the applicant may file an appeal in
accordance with section 42.
Registration.
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS