securities commission of the bahamas at a glance

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SECURITIES COMMISSION OF THE BAHAMAS AT A GLANCEVISION STATEMENTA vibrant, competitive financial services sector that has sound regulatory practices andpolicies that promotes confidence.MANDATEFormulate principles to regulate and govern the investment funds, securities andcapital markets;Maintain surveillance over investment funds, securities and capital markets,ensuring orderly, fair and equitable dealings;Create and promote conditions to ensure the orderly growth and development ofthe securities and capital markets; andAdvise the Minister of developments regarding the investment funds,securities and capital markets.PURPOSETo contribute to the growth and development of a financial services sector that isvibrant and competitive.STRUCTUREA body corporate established in 1995 by the Securities Industry Act to regulate thesecurities and capital markets.GOVERNANCEThe membership of the Commission consists of a Chairman, a Deputy Chairman, andother members not to exceed seven. There are three Ex-Officio Members: TheGovernor of the Central Bank of the Bahamas, Registrar of Insurance Companies andthe Executive Director of the Commission.STAFFING48 full-time staff members as at December 31, 2006:Executive DepartmentOffice of Legal CounselAuthorisations DepartmentMarket Surveillance DepartmentInspections DepartmentPolicy and Research DepartmentCorporate Affairs Department10 members6 members6 members9 members3 members3 members11 members2 ...........................................................................................
SECURITIES COMMISSION OF THE BAHAMAS 2006COMMISSION’S PROFILEFUNCTIONS OF THE COMMISSIONThe Securities Commission of The Bahamas (theCommission), the regulatory body established tooversee the development and growth of the securitiesand capital markets, was established in 1995 by theSecurities Board Act, 1995, which was later repealedby the Securities Industry Act, 1999.The Commission conducts several activities to achieveits mandate and to protect the interest of theinvesting public. Some of those activities include:Reviewing prospectuses for financial andlegal compliance;Processing applications for registration;Supervising and regulating the Exchangeand market participants;Responding to complaints/inquiries frominvestors;Conducting investigations and other suchmatters; andResponding to and co-operating with othersecurities regulators.REGULATORY AMBITThe Commission is responsible for supervising andregulating the capital markets and investment fundsindustry. Its supervisory and regulatory powers arederived from the governing provisions found withinthe Securities Industry Act, 1999 (SIA, 1999) and theInvestment Funds Act, 2003 (IFA, 2003).The SIA, 1999 is the primary legislation thatestablishes the framework for the continueddevelopment of the capital and securities markets andprovides the Commission with the specific powers toregulate and supervise these markets. This legislationalso governs the operation of securities exchanges,securities markets and market participants.The IFA, 2003 governs the operation of the investmentfunds industry. Specifically, the legislation overseesInvestment Fund Administrators and InvestmentFunds and their associated personnel that operatefrom or within The Bahamas.ROLE AND GOVERNANCE OF THE BOARDMembership of the Commission consists of aChairman, a Deputy Chairman, and other membersnot to exceed seven, all of whom serve at thediscretion of the Minister of Finance. The Chairmanholds office for a period of five years. The DeputyChairman and other Commission members hold officefor a period not to exceed four years. All CommissionMembers, including the Chairman, are eligible for reappointment.BOARD COMMITTEESCommittees are established to assist the Commissionin carrying out its prescribed functions. In 2006 therewere a total of three Committees:(1) Audit & Administrative Committee – wasestablished to advise and makerecommendations to the Commission on allmatters relating to corporate governanceincluding internal financial controls, internal andexternal audit and compliance with financialreporting requirements.(2) Legislative Committee – was developed to assistthe Commission and the Executive Director inthe review of existing and proposed legislationas it pertains to the continued development ofthe securities and capital markets and theinvestment funds industry.(3) Compensation Committee – was created toassist in the development of the Commission’sInterim Bonus Programme. In addition, theCompensation Committee was also chargedwith overseeing a review of the Commission’sSalary Structure.3
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