FAQs on The COMMERCIAL ENTITIES (SUBSTANCE REQUIREMENTS) ACT, 2018 (“CESRA”)
Author: @BahamasFSB
BFSB Hosts Its Annual International Business & Finance Summit (IBFS) In Bimini
The Bahamas Financial Services Board hosted its annual International Business & Finance Summit (IBFS) at the Hilton Resorts World Bimini on February 28th through March 2nd. Delegates heard from both local and international speakers. This year’s theme was, “Balancing Change with Continuity” which focused on giving delegates insight into the current regulatory environment and key … Read More
Investment Funds Bill 2019
Investment Funds Bill, 2019 (PDF) Tabled in Parliament in February, 2019
Gazetted – Revised Commercial Entities (Substance Requirements) Act
Download(PDF)
IFC Review: The Bahamas: Committed to Compliance, Embracing Innovation
IN MEMORIAM: YVES LOURDIN (1952 – 2019)
Legislative Developments – December 2018
ADDRESS BY HON KEVIN PETER TURNQUEST (28 NOVBEMBER 2018) BUSINESS LICENCE AMENDMENT BILL 2018 COMMERCIAL ENTITIES (SUBSTANCE REQUIREMENTS) BILL 2018 Movement for Commercial Entities – 10 December, 2018 Movement for ROBO NON-PROFIT ORGANISATIONS BILL 2018 PENAL CODE (AMENDMENT) BILL 2018 REGISTER OF BENEFICIAL OWNERSHIP BILL 2018 REMOVAL OF PREFERENTIAL EXEMPTIONS BILL 2018
EU Related Legislation
REGISTER OF BENEFICIAL OWNERSHIP ACT, 31 DECEMBER 2018 GAZETTE (PDF) COMMERCIAL ENTITIES (SUBSTANCE REQUIREMENTS ACT), 21 DECEMBER 2018 GAZETTE (PDF) REMOVAL OF PREFERENTIAL EXEMPTIONS ACT, 21 DECEMBER 2018 GAZETTE (PDF)
Statement from the Hon. K. Peter Turnquest, Deputy Prime Minister and Minister of Finance Regarding Financial Sector Reform
In an effort to enhance the Financial Services Sector, the Government of The Bahamas is developing a new framework aimed at strengthening industry regulations and protecting revenues to the Public Treasury. By demonstrating our commitment to global standards, we are working to maintain The Bahamas’ competitive edge as a global leader in the financial services … Read More
BFSB & Minister Symonette Visits Swiss Financial Institutions with a Presence in The Bahamas and Hosts Bahamas Forum in London
Hon. Brent Symonette, Minister of Financial Services, Immigration, Trade and Industry recently along with Tanya McCartney, CEO and Executive Director of The Bahamas Financial Services Board , Mr. Michael Paton, Deputy Chairman of the Securities Commission of the Bahamas and past Chairman of BFSB, Mr. Ivan Hooper , Co-Chairman of The Association of International Banks … Read More
The Hon. K. Peter Turnquest was born on August 22nd, 1964 in the Bahamas and earned his Bachelor of Business Administration from Prairie View A&M University, and his MBA from Nova Southeastern University. He is a Certified Public Accountant and has been in public and private practice for over 30 years in the area of financial accounting and reporting, audit, corporate services, merges & acquisitions, receiverships and liquidations. Mr. Turnquest has had wide business experience having led international sales and manufacturing operations in several countries.
A former Attorney-General of The Bahamas and one of Her Majesty’s Queens Counsel, John’s practice concentration are financial services law and regulation, corporate governance, business restructuring & insolvency, and commercial litigation. He has also been advisor in several major acquisitions and mergers within The Bahamas, and also in acquisitions by or mergers with regional entities.
The Honourable Brent Symonette presently serves as the Minister of Financial Services, Trade & Industry and Immigration. In May 2017, Minister Symonette was elected as the Member of Parliament representing the constituency of St. Anne’s, Nassau, N.P., The Bahamas. An alumnus of Brunel University in Middlesex, England, he graduated with a BSc (Hons.) in Law and Political Science. He is a Barrister-at-Law having been called to the Bahamas Bar in 1978. Mr. Symonette is a respected and experienced politician having served in many governmental capacities for approximately thirty (30) years. His political career began in 1987 where he was appointed to the Senate of The Bahamas serving in this capacity for two consecutive five year terms. In 2002, he was elected as the Member of Parliament for the Montagu Constituency. During his parliamentary career he served as Minister of Tourism and Attorney General, Deputy Leader of the Free National Movement Party (FNM), Deputy Prime Minister, and Minister of Foreign Affairs and Immigration.
Valdez K. Russell serves as the principal of VKR Insights, a communications and reputation management agency. Throughout his professional career, Valdez has been instrumental in facilitating public relations and communication strategies to help individuals and organizations to build relationships and influence change.
Diego Zuluaga is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives, where he covers financial technology and consumer credit. Before joining Cato, Zuluaga was Head of Financial Services and Tech Policy at the Institute of Economic Affairs in London. While at the IEA, he authored papers on the social value of finance, the role of offshore centers, the regulation of online platforms, and the taxation of capital income, among others. His work has been featured in print and broadcast media, such as the Times, Newsweek, and the Daily Telegraph. Zuluaga is a prolific public speaker as well as a former lecturer in economics at the University of Buckingham.
Ms. Christina R. Rolle is the Executive Director of the Securities Commission of The Bahamas, having been appointed effective 26 January 2015. Ms. Rolle has over 20 years of experience in the financial services industry. Over the course of her career, Ms. Rolle has acted as Director and Deputy CEO for a prominent international private bank and held various senior managerial positions with local and other international institutions including Head of Trust and Fiduciary, Head of Risk, Compliance and Corporate Governance and Manager of Banking Services.
Mr. James H. Smith is currently in retirement since June, 2007. Before then, he served in Parliament as a Senator and in the Cabinet of The Commonwealth of The Bahamas as the Minister of State for Finance during the period 2002 to 2007.
Llewellyn Boyer-Cartwright is a partner in Callenders & Co., The Bahamas’ oldest law firm and recipient of numerous international awards of recognition including the Corporate International Global Award.
Michael Allen has professional expertise in corporate and commercial law, including derivatives law as it relates to the participation by Bahamian entities in financial derivatives transactions, real estate & development, aviation law and wealth management.
Linda Beidler-D’Aguilar joined Glinton Sweeting O’Brien as a partner in July 2015. In her practice she specializes in the structuring and creation of vehicles (including investment funds) for multinational institutional clients as well as private clients; she also advises on corporate transactions, securities law (including public and private offerings) as well as general commercial matters.
Ryan Pinder has been a partner in the law firm of Graham Thompson since January 2016. His practice areas include banking law, corporate and commercial law, investment funds, securities law, capital markets, trusts and estate planning and structuring. He specialises in financial services solutions, planning and wealth management for high net worth individuals and families, and their associated companies and businesses throughout the world.