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

CH.363 – 48]
SECURITIES INDUSTRY
Employment of
deceptive devices.
Prohibition of
use of
confidential
information.
Insider trading
definitions.
the price of any such security will or is likely to rise or fall
because of market operations by one or more persons
conducted for the purpose of raising or depressing the price
of such security is guilty of an offence.
72. A person who directly or indirectly in connection
with the purchase or sale of any security —
(a) employs any device, scheme or artifice with the
intention to defraud;
(b) engages in any act, practice or course of business
which would operate as a fraud or deceit on any
person;
(c) makes any untrue statement of a material fact or
omits to state a material fact with the intent to
mislead,
is guilty of an offence.
73. A person who —
(a) discloses any internal or confidential information
concerning the affairs of an issuer which he has
obtained by virtue of his employment with that
issuer, or any other employment, prior to the
normal or arranged time for the publication of
that information by that issuer; or
(b) carries out on his own behalf or on behalf of any
other person or causes to be carried out any
security transaction based on internal or confidential
information concerning the affairs of an
issuer prior to the normal or arranged time for
the publication of information by that issuer,
is guilty of an offence.
74. (1) For the purposes of sections 75 and 76
“insider” means in respect of a company —
(a) a director or officer of the company or a person
connected with a director or officer;
(b) an associated company or enterprise of the
company;
(c) an affiliated company or enterprise of the
company;
(d) a person who beneficially owns ten per cent or
more of the shares of the company or who
exercises control or direction over ten per cent or
STATUTE LAW OF THE BAHAMAS [Original Service 2001]