The [Securities Commission of The Bahamas]( today announced the appointment of Mr. Dave Shannon Smith as Executive Director of the Commission, effective March 1, 2012.

Mr. Smith succeeds Mr. Philip Stubbs, who has been acting in the capacity of interim Executive Director since September 1, 2010, and will continue to serve as Chairman of the Commission, having been appointed to this position for a five-year period effective July 1, 2007. Mr. Stubbs noted that, *“We are pleased with the appointment of Mr. Smith, and feel confident in his ability to continue the work towards the Commission’s mandate and its strategic goals”.*

Mr. Smith has over 28 years of experience within the financial services industry. Prior to this appointment, Mr. Smith served as Resident Manager of BAC Bahamas Bank Ltd. for over five years. His past professional experience includes work in both offshore and onshore sectors for “marquee names” including Credit Suisse, UBS, Lloyds TSB, MeesPierson, Royal Bank of Canada and Royal Bank of Scotland, where he held numerous supervisory and managerial positions. He holds a B.A. in Business Administration and an MBA from Taylor University, Upland, Indiana. Other professional accomplishments include: qualification as a Certified Public Accountant, Fellow of The Bahamas Institute of Financial Services and Fellow of The International Compliance Association.

Chairman Stubbs pointed out, *“the Commission is committed to continuing its on-going initiatives; in particular those related to its 2010-2012 strategic goals, which include the implementation of the Securities Industry Act and Regulations, 2012 and strengthening the regulatory infrastructure and framework for the securities and capital markets.”*