Acting Executive Director
Securities Commission of the Bahamas**
**Guaranteed 72 Hour Licensing Approval for Selected Funds**
The Securities Commission of The Bahamas (SCB) has announced a “fast track” approval process of applications for Professional Investment Funds and investment funds that target accredited or high net worth investors.
The new fast tracking process utilises a declaration, signed by either the lawyer or the administrator to the fund, certifying that the application and all supporting documentation are in compliance with the Investment Funds Act and Regulations, 2003. Acting Executive Director, Hillary Deveaux, reports that the new procedure is a result of a collaborative effort between the SCB and market participants.
The SCB will issue the guidelines that will govern the new approval process, setting out the approach it will adopt in relation to the various requirements for licensing of these investment funds.
Specific guidance will be provided regarding the nature and quality of documents required, as well as the due diligence information necessary on parties related to the investment fund.
Existing corporate legislation and the Investment Funds Act provide flexibility for simple and efficient constitution of a fund. Both areas of legislation are geared towards capital market development but retain a judicious mix of regulatory oversight to ensure that all parties are identified and deemed fit and proper to operate.