BAHAMAS FINANCIAL SERVICES BOARD BAHAMAS BRIEFING ...

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Securities Industry Act, 1999Under the Securities Industry Act, 1999 the Commission registers the followingparticipants and products:• Broker-dealers• Securities Investment Advisors• Stock Exchanges• Offers of securities to the publicThe Commission expects to enhance its regulatory capabilities through theimplementation of a new Securities Industries Act, and related Regulations. Thisis expected to be completed and enacted in early 2009. Some of the changes tolook forward to include:1. A more extensive use of regulations for matters that require morefrequent updating;2. Formally making investor protection as one of the Commission’s functions(this includes the re-introduction of a more comprehensive InvestorEducation Program, which is already underway);3. Establishing a new basis for registration of industry participants byfunction rather than title;4. Making provisions for the sharing of information that are compliant withthe provisions of the Multi-lateral Memorandum of Understanding(MMoU) of the International Organization of Securities Commissions(IOSCO). ;5. Enhancing the enforcement and investigative authority of the Commission;6. Simplifying the disciplinary process of the Commission; and7. Creating new disclosure provisions for issue of shares in the Bahamiancapital markets.6
Investment Funds Act, 2003Some of you may already be aware, but for those of you that are not, theInvestment Funds Act, 2003 provides for the licensing of unrestricted andrestricted investment fund administrators as well as the following types ofinvestment funds:• Professional Funds – which are available solely to accredited or“sophisticated” investors;• SMART Funds – The Specific Mandate Alternative Regulatory Test Fund isan investment fund that satisfies the parameters and requirements of acategory, class or type of Investment Fund previously approved by theCommission;• Recognized Foreign Funds – are funds licensed or registered in arecognized jurisdiction or listed on a recognized stock exchange, asprescribed; and• Standard Funds – are funds that generally provide for those notcategorized as Professional, SMART, or Recognized Foreign Funds. Forexample, this category covers, but is not limited to, retail-type funds. Theapplication process for this category is subject to the most stringentscrutiny of the Commission.Through collaboration with the industry and the BFSB Funds Working Group, andalso based on the Commission’s experiences in administering the legislation,several amendments have been put forth for consideration.amendments to the Investment Funds Act include:Proposed7
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Page 9: ConclusionIt would be remiss of me

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