securities commission of the bahamas at a glance

SECURITIES COMMISSION OF THE BAHAMAS 2006hold equity interests in the fund, and to whom aProfessional Fund may be offered.The SFM 005 requires the appointment of anadministrator, but does not require the administratorto be licensed by the Commission, with the additionalprovision that the administrator must be a financialinstitution as defined in the rule.INTERNATIONAL AND DOMESTIC COOPERATIONThe Commission, recognises that in its efforts toensure the continued development and growth of thesecurities and capital markets and investment fundsindustry, a combination of factors need to be present:a comprehensive regulatory regime; an educated andcompetent staff and the cooperation of international,regional and domestic regulatory bodies and groups.Participation and membership in organisations such asthe International Organization of SecuritiesCommissions and the Council of Securities Regulatorsof the Americas (COSRA), allows the Commission tostay abreast of best practices implemented ininternational and regional securities and investmentbusiness sectors.Continued dialogue has been maintained with ourinternational partners through the Inter-AmericanRegional Committee (IARC)/COSRA. In addition, theCommission is also a member of the Group of FinancialServices Regulators (GFSR).ISOCO-IARC/COSRAIn September 1996, the Commission was grantedmembership in IOSCO, the international standardssetter for the securities and capital markets. Itsmembership comprises 90% of the world’s securitiesregulators and other similar regulatory agencies fromcountries throughout the world. The purpose of IOSCOis to enable members to exchange information with aview to developing the securities markets andimproving their efficiency, to coordinate theenforcement of securities regulation internationallyand to implement common standards.country and to develop the growth of sound securitiesmarkets that are fair to all investors. Membership toCOSRA is open to all securities regulatory authorities ofNorth, South and Central America and the Caribbeanand has a total of 31 members in 26 countries.CARIBBEAN GROUP OF SECURITIES REGULATORSThe Caribbean Group of Securities Regulators (CGSR) isan in-formal group of securities regulators; the CGSRwas established to strengthen the regulatoryframework for securities within the Caribbean. It givesthe region a unified voice on the international stageand also gives the region greater standardisation andcoordination of institutional structures. It facilitatesthe sharing of information, promotes regulatorycapacity building and strengthens training in theregion. In October of this year, The Bahamas hostedthe Third Annual Conference for the Caribbean Groupof Securities Regulators. The conference focused onaddressing matters such as combating market abuse,corporate governance, enforcement, mergers andacquisitions and minority shareholders' interests,hedge funds regulation and the relaxation of exchangecontrols.GROUP OF FINANCIAL SERVICES REGULATORSSince 2001, the Commission has been a member of theGroup of Financial Services Regulators (GFSR), which isa domestic body comprising of the five regulators thatoversee The Bahamas’ financial services sector. ThisGroup was established to focus on the harmonisationof the regulatory regime in the country. The regulatorsgoverning The Bahamas’ financial services sector are:At COSRA’s annual meeting in Santiago, Chile in June1997, the Commission was confirmed as a member.COSRA, formed in 1992, was created to provide aforum that promoted cooperation and communicationamongst its members to enhance the efforts of eachThe Central Bank of The Bahamas;The Securities Commission of The Bahamas;The Registrar of Insurance Companies;13