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

SECURITIES INDUSTRY [CH.363 – 9
“substantial shareholder” means a person who —
(a) exercises beneficial ownership of ten per
cent or more of the issued and outstanding
share capital of a company;
(b) is entitled to exercise or control in the
future any options, rights, warrants or any
other interest of a company which amounts
to beneficial ownership of ten per cent or
more of the issued outstanding share
capital of a company; or
(c) exercises direct or indirect control over the
management or affairs of a company,
and “substantial shareholding” shall have a like
meaning;
“trade” or “trading” includes —
(a) any sale or disposition of or other dealing or
any solicitation in respect of a security for
valuable consideration, whether the terms of
payment be on margin, instalment or
otherwise or any attempt to do any of the
foregoing;
(b) any participation as a trader in any transaction
in a security occurring upon a Securities
Exchange;
(c) any receipt by a broker-dealer of an order to
buy or sell a security which is executed;
“trader” means any person registered as such by a
Securities Exchange and employed by a brokerdealer
which trades or deals in securities;
“trading day” means any day when trading is
authorized by a Securities Exchange;
“underwriter” means a person who as principal agrees
to purchase securities with a view to distribution
or who as agent offers for sale or sells securities
in connection with a distribution and includes a
person who has a direct or indirect participation
in any such distribution, but does not include —
(a) a person whose interest in the transaction is
limited to receiving the usual and customary
distributor’s or seller’s commission payable
by an underwriter or issuer;
(b) a mutual fund that under the laws of the
jurisdiction to which it is subject purchases
its shares and resells them;
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS