The Securities Industry Regulations, 2000 have been signed into law by the Minister of Finance, were gazetted on July 17th, and are now in effect.
A Public Notice published on August 10 advises the public that companies and persons engaged in certain aspects of the securities business, either in or from The Bahamas, are required to apply for registration with the Securities Commission of The Bahamas.
The categories of registration include (a) securities investment advisors and (b) broker-dealers. Broker-dealers and securities investment advisors must also apply to the Commission for registration of key personnel as “stockbrokers, dealers, traders, principals or associated persons.”
According to the SCB, the Public Notice was aimed primarily at broker-dealers and advisors involved in non-Bahamian securities and dealing with investors that are located elsewhere and with “offshore” institutions located in The Bahamas. The Commission is well along in the process of registering those companies and individuals who deal in local securities.
Certain exemptions – strictly circumscribed – exist in terms of the giving of investment advice. No organisation engaged in dealing or trading in securities is exempt.
Detailed information on registration should be obtained from:
Manager, Securities Department
Securities Commission of The Bahamas
P.O. Box N8347
Nassau, N.P. Bahamas
Tel: (242) 356-6291
Fax: (242) 356-7530