securities commission of the bahamas at a glance

DISCIPLINARY PROCEEDINGS OF THE BOARDThe Commission, as a part of its function to maintainthe integrity of the capital markets, has the authorityto conduct investigations and hearings. The Boardcarries out these functions via two statutory,standing bodies. In 2006, the bodies were as follows:(1) Hearing Panel – was established to preside overregulatory hearings and to determinedisciplinary matters of the Commission. Incarrying out its functions the Hearing Panel isempowered to impose various sanctions,remedies or other relief, as provided for in thegoverning legislations.(2) Disciplinary Committee – is established in lawto assist the Commission and Executive Directorin making recommendations, to theCommission, on the appropriate action to betaken as a result of an investigation.BOARD MEETINGSDuring the period under review, the following meetingsof the Board and it various Committees were held:-Regular Meetings – the Board met seven timesand approved various matters presented byManagement for its consideration. Mattersincluded the approval of legislative and policymatters, such as the reduction in the SecuritiesExchange Annual Registration Fee, additions to theprescribed Jurisdictions List, approval of SpecificMandate Alternative Regulatory Test (SMART)Fund Model 005. In addition, the Board approvedthe licensing and registration of Broker-Dealers,Securities Investment Advisors, Investment Fundsand Investment Fund Administrators.Committee Meetings – the Committees of theCommission met several times throughout theyear to address the matters of the Commission.The Round-Robin Process – management utilisedthe round-robin process 16 times during theperiod under review to expedite approval ofmatters requiring urgent action.............................................................................................4