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

SECURITIES INDUSTRY [CH.363 – 27
of any assets owned or standing to the credit of any
broker-dealer or other person regulated by this Act.
(3) The Board shall have the power to suspend a
broker-dealer or a trader or a facility or an associated
person or to impose an order upon any of the foregoing
persons to prevent or restrain the breach of or noncompliance
with any provision of this Act or the
regulations or rules made thereunder by any of the
foregoing persons, who may appeal such suspension or
imposition to the Commission with a right of appeal to the
Supreme Court.
38. Where it is provided in this Act that a register be
established and maintained or kept, or a book of accounts
be kept, or a list be prepared or published, any entry in
such register, book of account or list, or the production of
any licence or certificate issued under this Act shall be
prima facie evidence of the contents thereof.
39. No proceedings against any person or body
corporate for a breach of any of the provisions of this Act,
or for a failure to comply with any of its provisions may be
commenced after the expiration of four years from the day
upon which the breach or non-compliance is or ought to
have been discovered.
40. In any proceedings for an offence under this
Act, it shall be a good defence for the person charged to
prove that he took all reasonable precautions and exercised
all due diligence to avoid the commission of the offence by
himself or by any person under his supervision or control.
41. In the absence of any specific provision in this
Act governing the operations of a Securities Exchange, the
appropriate provision of the Companies Act relating to
companies generally shall apply.
42. (1) Any person aggrieved by a decision, refusal,
ruling or order of the Commission may appeal to the
Supreme Court in accordance with rules of court.
(2) On an appeal pursuant to subsection (1), the
Commission shall be entitled to appear and be heard in the
proceedings on the appeal.
43. (1) Where a broker-dealer, trader, securities
investment advisor, facility or associated person is
convicted in The Bahamas or elsewhere of a criminal
Register as
evidence.
Time limits.
Defence.
Applicability of
the Companies
Act.
Ch. 308.
Appeals.
Criminal
conviction.
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS