In follow up to ongoing communication to members on the status of pending financial services industry legislation, BFSB has scheduled a Legislative Briefing for July 3rd.
This Briefing is part of the Member Forum 2003 series, and follows the April 9th Briefing when the Financial Services Consultative Forum (FSCF) officially consulted with industry on the Foundations Bill, IBC Amendment Bill, and Anti-Terrorism Bill.
The Legislation and Product Development of the FSCF will present on the following bills during Thursday’s session:
· IBC Amendment Bill
· Protected Cell Companies Bill
· Purpose Trust Bill
· Anti-Terrorism Act
BFSB has circulated various versions of these bills to its membership, with feedback communicated to the FSCF and Government. The July 3rd event is intended to facilitate discussion on the final versions of these bills, and also to solicit further feedback on proposed amendments to:
· Perpetuities Act 1995
Minister of Financial Services and Investments, the Hon. Allyson Maynard-Gibson, describes the Financial Services Consultative Forum as being *”at the heart of the consultative effort to involve industry as partners.”* Through a Board and a network of sub-committees, the Forum thoroughly examines financial sector issues that relate to the international obligations of The Bahamas, its national interests, market needs and changing market trends. The consultative body ensures that the views of the private and public sectors, regulators and other parties are fully considered. CEO and Executive Director Wendy C. Warren serves as the BFSB Liaison on the Forum.
**Series of Member Briefings**
Since the beginning of the year, the BFSB Member Forum series has included sessions on the Investment Funds Bill & Regulations, E-Commerce, Legislative Updates, and FTAA Financial Services Negotiations. Additionally, selected Member Briefings have been held with the banking and funds sectors.
The most recent Member Forum was held on June 23 when international tax lawyer Richard Hay of Stikeman Elliott presented on *”Investment & Regulatory Issues Impacting International Financial Services.”* Following the summer recess, the Member Forum series will resume with a Capital Markets Symposium.