The Bahamas Financial Services Board in collaboration with member firm Graham Thompson, Counsel and Attorneys – at- Law, hosted a workshop on International Initiatives Impacting the Financial Services Sector as a part of its Industry Development Series II at the British Colonial Hilton om Thursday May 17th, 2018.
Opening remarks were given by the Attorney General Senator The Honourable Carl Bethel. He indicated to practitioners in the financial services sector that it was important for the Bahamas to be proactive in the face of the changing global regulatory regime. He cautioned that the Bahamas cannot continue to react to external pressures. The key presenter Ryan L. Pinder, Partner at Graham Thompson gave a thorough and insightful presentation covering:
- The Multinational Enterprise Financial Reporting Bill 2018 – to facilitate Base Erosion and Profit Shifting and Country by Country Reporting;
- The Beneficial Ownership Registers Bill 2018; and
- The Bahamas Response to the EU Blacklisting Criteria.
Attorney Pinder cautioned that while we respond to global regulation we must balance our response to ensure the sustainability of the financial services industry.
Attendees were afforded the opportunity to obtain a deeper understanding of both Bills, which is necessary for individuals in the financial services industry as we seek to forge the way forward. CEO and Executive Director of BFSB stated that: “BFSB’s Industry Development Series evidences BFSB’s commitment to the continued growth and development of the Bahamas’ the financial services industry. We are determined to ensure that our stakeholders are armed with the requisite information to respond to the changes in regulation effectively and to make sound business decisions.”