Events – Bahamas Financial Services Board

BFSB Sponsors Latin America ESG Summit In Miami, Florida

@BahamasFSB / October 5, 2021

The Bahamas Financial Services Board sponsored the Latin America ESG Summit in Miami, Florida at the Conrad Hotel. The conference, which was held on September 23rd, was The Bahamas Financial Services Board’s first in person event since the start of the Covid-19 pandemic. The conference was well attended by over one hundred and fifty wealth management professionals across Latin America and South Florida, who were comprised of fund and asset managers, family office providers, and corporations interested in matters pertaining to Sustainable Investment. Globally, over the last decade there has been increasing importance placed on environmental, social and governance (ESG) practices due to greater demands from investors, governments and consumers alike. ESG investing today, focuses on companies’ performance when it comes to a range of socially and environmentally conscious issues including but not limited to, climate change, gender inequality, human rights and labour protection. It accounts for more than $20 trillion of all professionally managed assets worldwide. With a strong focus on Latin America, presentations and panels addressed a number of timely topics and themes related to environmental, social and governance related practices including: ESG, SRI, Impact Investing 101 The Rise of ESG in Alternative Assets Essential Climate Intelligence-ESG & Data Research Global Private Wealth, Family Office Discussion LATAM Pension Funds Roundtable

BFSB, BFSB News, Captive Insurance, Events, Latest

BFSB PLATINUM SPONSOR OF 2021 WORLD CAPTIVE FORUM EVENT AND THE INSURANCE COMMISSION TO MAKE PRESENTATION

@BahamasFSB / February 16, 2021

February 16th, 2021-The Bahamas Financial Services Board will once again be sponsoring the 2021 World Captive Forum (WCF) Event. This year BFSB will be a platinum sponsor. Celebrating its 30th year, the 2021 World Captive Forum will be hosted virtually for the first time on February 24th-25th, 2021. A domicile neutral conference, the World Captive Forum provides an in-depth educational, content rich experience for captive managers, investment managers, reinsurers, brokers as well as domicile regulators and officials. Mr. Carl R. Culmer Jr., Manager of Policies and Practices at The Insurance Commission of The Bahamas will be participating as a panelist in the Regulation Update Session on February 25th. He will be joined by other regulators including, David Provost, of the Vermont Department of Financial Regulation (Deputy Commissioner), and Travis Wegkamp of the Utah Insurance Department (Director of Captive Insurance). This global panel of regulators will share insights on current events impacting the captive insurance industry in their respective jurisdictions. The session will be moderated by prominent captive insurance attorney Joe Holahan, Partner, Morris Manning & Martin LLP, who will lead the discussion on topics including: COVID-19 Domicile response – waivers and other actions State bulletins and regulatory requirements Looking ahead – desire to exclude or segregate communicable disease risk, other developments? Independent procurement taxes and regulation Developments in Washington State and other states (CT, MN) Response from domiciles or industry groups? International financial centers – increasing cost of compliance for both regulators and insurers International financial centers – increasing cost of compliance for both regulators and insurers Cannabis Captive Benefits for this year’s attendees at the WCF include roundtable discussions, educational discussions, a virtual expo hall, on demand sessions as well as group and one on one networking opportunities. The Virtual World Captive Forum event agenda includes premium content designed to address the current and emerging risks facing global companies, showcasing how captives can offer solutions that may not be available in the traditional insurance marketplace. A number of Bahamian insurance professionals have registered to attend this event among them are members of BFSB’s Captives Working Group, Mr. Guilden Gilbert, CEO of CG Captive Managers Ltd. and Mr. Rayon Brown Managing Director and Consulting Actuary of Nassau Captives. Opportunities for Bahamian Captives Captives have been in existence for a long time as a means of controlling risks faced by organizations. Many of the risks on the balance sheet of a company do not align with its core business pursuits, so many companies transfer these risks to a captive via an insurance contract. In 2017, there were over 6,500 captives operating world-wide and over 1,000 global companies successfully using captives (per Deloitte review of the Bermuda Captive Market in January 2019). There is a common misconception that captives are only for and formed by large public companies. However, there is a growing trend for private companies to own Captives. Tanya McCartney, CEO & Executive Director of BFSB stated that: “There remain opportunities for us to capture a niche market in this captive space. Annually BFSB and the Insurance Commission of the Bahamas participate in the various Captive and Risk Management Conferences in the U.S. and Canada. However, service providers continue to state that we should seek to recapture the ground that was lost in this area by: Making a clear policy statement from the government that is going after growth in captive insurance and the allocation of resources to support this growth. A review of current legislation and regulations to ensure that The Bahamas is competitive Taking steps to attract a major broker to the jurisdiction; and Collaborating with the private sector to develop an action plan which focuses on growing captives in niche areas such as technology, FINTECH, property development, wholesaler etc. Through BFSB’s Captive Working Group industry stakeholders continue to engage with policy makers to ensure that attention is given to the opportunities presented by this particular area of financial services business.

BFSB News, Education & Training, Events, Latest

Bahamas Financial Services Board Sponsors STEP Arabia in Dubai

@BahamasFSB / November 27, 2019

The Bahamas Financial Services Board and The Ministry of Financial Services attended the Society of Trust & Estate Practitioners Conference on Sunday November 17th on onboard the historical Queen Elizabeth 2 which is permanently moored in Port Rashid, Dubai. The conference was well attended with over one hundred and thirty-five registered delegates. The delegates were comprised of trust and estate practitioners from Guernsey, Isle of Man, Jersey, Switzerland, the UK, Singapore and the Netherlands as well as STEP members resident in the United Arab Emirates. This was the first time that BFSB has sponsored this event, which was attended by Hon. Elsworth Johnson, Minister of Financial Services, Trade, Industry & Immigration, Antoinette Russell, BFSB Chairman, Tanya McCartney, CEO & Executive Director of BFSB, HE Ambassador Tony Joudi and a number of Bahamian financial services providers. The STEP Arabia Conference seeks to educate professionals on the significance of careful estate and trust planning. Key themes covered during the one day include: CRS-What Is Being Shared? US & UK Tax Updates DIFC & ADJD Wills-Are They Working? Middle East Cultural Considerations with Wealth Preservation UAE Foundations; Shifting Sands-Competitor or Partner Current Threats to Cyber Security in the Middle East and What to Do About Them? The objective of the STEP Arabia conference is to provide delegates with the latest regional legacy planning developments and practical examples from leadings professionals in the field of trust and estate planning. CEO McCartney indicated that: “Today, Bahamian firms are already providing sharia compliant trust and corporate structures. There is an opportunity for us to familiarize the Middle Eastern and Northern Africa (MENA) region with the offerings of The Bahamas. We see participation in this event as a first step in our focus on this market. While in Dubai we also had the opportunity to meet with the Executive Committee of STEP Arabia who outlined the needs and solutions that would be best suited for MENA clients.” The Bahamas Financial Services Board’s sponsorship and attendance of the STEP Arabia Conference was aimed at highlighting that the Bahamas open for business, committed to international standard of best practice and compliance. It was also an opportunity to demonstrate our spirit of cooperation and deepen its relationship with the UAE. BFSB Chairman, Antoinette Russell noted that: “The response to the Bahamas delegation was extremely positive. We have expanded our network and will build on these relationships as we turn our sights on the MENA market.”

BFSB News, Events, Government, Industry News, Members in the News

BFSB & Minister Symonette Visits Swiss Financial Institutions with a Presence in The Bahamas and Hosts Bahamas Forum in London

@BahamasFSB / December 6, 2018

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 and Trust companies (AIBT) and Indira Munro-Farrington , Marketing Officer at BFSB, travelled to Zurich and Geneva Switzerland as well as to London, England from November 26th – December 2nd, 2018. The purpose of the trip was to meet with executives of a number of the Swiss financial institutions with a presence in the Bahamas and to host a Bahamas Forum in London for service providers and intermediaries in the UK financial services sector. While in Switzerland one on one meetings were held with officials at UBS Group AG, Credit Suisse Group AG, The Pictet Bank Group, SYZ Bank, Union Bancaire Privee, Gonet Bank & Trust and Safra Bank. The delegation provided updates on The Bahamas’ response to the various international initiatives impacting the financial services sector. It was deemed an opportune time to inform Swiss executives of the measures being taken by the Bahamas to address EU, OECD and FATF matters. Further, they were informed as to the various pieces of legislation slated to be passed during the month of December. The meetings were positive, and the Swiss financial institutions shared their strategies for growth in the Bahamas. Following the visit to Swiss financial institutions, the Bahamas Financial Services Board hosted a forum in London focused on the investment funds and securities industry as well as the overall Bahamas value proposition. The London forum titled “Spotlight on The Bahamas” was held at the Reform Club, London on Thursday November 28th. Delegates attending the event included financial service professionals, advisers and fund managers from all throughout the city of London. Opening remarks were delivered by Minister Symonette who stated that, “Times are different than when The Bahamas financial services industry started over eighty-fiver years ago. We recognize the need to be innovative in our approach in the dawn of uncertainty to display our strength and commitment as a sustainable International Financial Centre. This is essential for The Bahamas as financial services is integral to the sustainability of our economy.” The forum began with a presentation given by Christina Rolle, Executive Director of the Securities Commission of The Bahamas. She provided an in-depth review of the Investments Funds Bill 2018 and the regulatory environment for investment funds in The Bahamas. She also provided an update on the Bahamas’ implementation of the AIFMD licensing regime. This was followed by a roundtable discussion hosted by James Williams, Managing Editor at Hedgeweek. The panel, which consisted of experienced Bahamian legal practitioners: Michael Paton, Head of Corporate & Commercial, Investment Funds, Banking & Securities Group, Lennox Paton, Ryan Pinder, Partner, GTC, Linda Beidler-D’Aguilar, Partner, GSO, Heather L. Thompson Of Counsel, H & J, discussed The Bahamas Value Proposition facilitated a products deep dive outlining the core products and services and explaining the business and operating environment in The Bahamas. Themes discussed included, immigration, fintech, private wealth management, asset management, banking, trust services and the regulatory environment. Tanya McCartney, CEO and Executive Director of BFSB stated: “In light of the various regulatory changes taking place in the sector, it is important that Bahamian professionals and service providers meet and interact with their international institutions and service providers to inform them of what those changes will be and our strategy for the continued growth and development of the financial services sector. In the absence of direct information there is uncertainty which can have a negative effect if left unchecked. Hence, we met directly with executives of the Swiss Financial institutions and hosted an event in the city of London to convey our commitment to adhering to international standards, provide an update on the products and services being offered in the jurisdiction and to articulate the evolving Bahamas value proposition.” During this visit, Tanya McCartney, CEO & Executive Director of BFSB also paid a courtesy call on to the High Commissioner Greenslade at the Bahamas High Commission London who was also in attendance at the London Forum. His Excellency Ellison Greenslade and his wife welcomed BFSB CEO & Executive Director, during which time they exchanged pleasantries and updates relevant to the Bahamas.

BFSB, BFSB News, Events

Bahamas Financial Services Board Hosts Reception at STEP LATAM Conference 2018 In Mexico City

@BahamasFSB / October 16, 2018

The Bahamas Financial Services Board hosted a successful briefing session and cocktail reception during the Society of Trust and Estate Practitioners Conference in Mexico City. The event took place on Thursday October 4th at the Hyatt Regency Hotel. Hosted at the end of the first conference day, the event was well attended by over one hundred and fifty delegates. This intimate event was designed to allow conference delegates from all around the world a unique opportunity to network and dialogue with Bahamian delegates. Attendees heard brief remarks from The Hon. Brent Symonette, Minister of Financial Services, Trade, Industry and Immigration as well as BFSB’s CEO and Executive Director Tanya McCartney. One lucky event attendee walked away with a one of a kind Bahamian painting which was raffled off during the event. This briefing session/cocktail event represents the Bahamas Financial Services Board’s firm commitment to keeping the Bahamas front of mind for top international wealth management professionals as the premier financial services jurisdiction. Since its inception twenty years ago, BFSB has continued to invest in ensuring that there is a greater awareness of The Bahamas as an international financial center committed to transparency and international best practices.

BFSB, Events

Bahamas Landfall: London

@BahamasFSB / August 14, 2018

Spotlight on The Bahamas 29th November, 0830 am, London Hedgeweek in partnership with the Bahamas Financial Services Board will be hosting an exclusive event at the Reform Club, Central London. The event, entitled The Bahamas: The Clear Choice for Investment & Financial Services – will run from 8.30am to 10.30am and will showcase the jurisdiction for those wishing to expand their investment and financial services capabilities. To that end, the delegate audience we are aiming to attract will primarily include fund administrators, law firms, consultants and accounting firms. Opening remarks will address the investment climate in The Bahamas and cover such matters as incentives under the Commercial Enterprises Act, Immigration Policy and a brief overview of the financial services sector in the jurisdiction. This will be followed with a presentation by, The Securities Commission of The Bahamas (‘SCB’), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets, during which Christina Rolle, Executive Director, SCB, will bring the audience up to speed on the Investment Funds Bill, 2018 and the regulatory environment for investment funds. An in-depth 50-minute panel discussion will then focus on, and debate, the main product and operational developments taking place in The Bahamas, and why it is a compelling place for service providers to do business; particularly as its funds industry continues to grow and institutionalize. Where are the key growth drivers coming from and what product innovations are helping to further deepen the expertise and capabilities of the country’s financial services firms? The panel, entitled, The Bahamas Value Proposition: Products and Services Deep Dive, will be moderated by James Williams, Managing Editor of Hedgeweek, and will feature: • L. Ryan Pinder – Partner, GrahamThompson Attorneys • Heather Thompson – Of Counsel, Higgs & Johnson • Linda Beidler-D’Aguilar – Partner, Glinton Sweeting O’Brien During the discussion, a variety of themes will be covered including: Why The Bahamas for Funds and Other Financial Services products? Selecting service providers Private Wealth Management Family Offices – what does The Bahamas offer and what are the key advantages? The event will finish with 10 minutes of Q&A, followed by networking and refreshments. The event will be a perfect opportunity for London’s service provider community to find out more about The Bahamas and how it is positioning itself to attract new financial funds business. Attendance will be limited. » Click here to register your interest in attending

AML, BFSB News, Events, Industry News

Financial Services Regulators to Host AML/CFT Risk Management Conference

@BahamasFSB / April 25, 2018

The Central Bank of The Bahamas has announced that it will host along with The Group of Financial Services Regulators of The Bahamas, The 2018 National AML/CFT Risk Management Conference. The Governor of the Central Bank of The Bahamas in making the announcement stated that “We at the Central Bank of The Bahamas are pleased to be collaborating with all of our supervisory partners. The Group of Financial Services Regulators or GFSR consists of the financial services regulators in The Bahamas. This regulatory body includes the Central Bank of The Bahamas, the Compliance Commission of The Bahamas, the Inspector of Financial and Corporate Service Providers, the Insurance Commission of The Bahamas and the Securities Commission of The Bahamas. Together, we are committed to ensuring that the culture of compliance which characterises this jurisdiction is maintained and augmented. The Bahamas remains and has consistently taken steps to ensure that we adhere to international standards of best practice with respect to anti money laundering and the counter financing of terrorist. This is evidenced with by the legislative framework and supervisory regime. The International Monetary Fund notes, “AML/CFT controls, when effectively implemented mitigate the adverse effects of economic activity and promote integrity and stability in financial markets.” The Conference will be held from Sunday, September 16 through Tuesday, September 18 at the Baha Mar Convention Centre in Nassau, The Bahamas. All relevant stakeholders and licensees of the Group of Financial Services Regulators are encouraged to actively participate in this event.

BFSB News, Education & Training, Events, Industry News, Private Wealth Management, Tax Co-operation, Tax Cooperation

IBFS 2018 A Great Success

@BahamasFSB / March 5, 2018

This year the Bahamas Financial Services Board hosted its annual International Business and Finance Summit in conjunction with Bahamas Briefing on March 1st and March 2nd at the Baha Mar Convention Center. At the Bahamas Briefing international intermediaries got an opportunity to see and hear why the Bahamas is the jurisdiction of choice as local regulators and practitioners presented on the current state of the environment and why the Bahamas was the clear choice. The following day IBFS was held and the event was a great success attracting over 170 registrants. Delegates heard from local speakers as well as international speakers from the United Kingdom, Canada, Miami and Singapore. This year’s theme entitled “Hitting the Reset Button” gave delegates insight into how the Bahamas can be proactive as we seek to reposition ourselves for sustainable growth and viability as a global financial center. Opening the conference with the welcoming remarks was BFSB’s Chairman, Ms. Antoinette Russell, she stated that, “As we hit the reset button, practitioners and regulators alike must move away from describing our financial sector as offshore. The reality is that our business model is far better described as international. Therefore, we must remove offshore from our lexicon which is justified, in light of the preponderance of exchange of information agreements before and after CRS and the Bahamas’ commitment to these initiatives including BEPS. Once we acknowledge how far we have come then we can focus on the way forward.” Hon. Brent Symonette, Minister of Financial Services Trade & Immigration brought opening remarks on the state of the industry. Governor John Rolle, Central Bank of the Bahamas spoke on the topic “Global Banking Issues and the Impact on Financial Services in The Bahamas”. He gave insight into international developments impacting the jurisdiction, the AML/CFT global environment and the Central Bank’s response. He also spoke to reshaping domestic policy and the importance of having an international voice. Sarah Venables of Deloitte UK spoke on the topic “Tax Strategies for the Bahamas as an IFC”. She shared insight into the current global environment, tax strategies of other IFCs, the potential impacts of corporate tax and policy considerations, and next steps for the Bahamas as a compliant jurisdiction. The Hon. Philippe May of Arton Capital, Singapore spoke to the investor programs for residence and citizenship around the world under the theme “ Anatomy of the Global Citizen” while Susan Fulford of Dynamic Legacy Inc, Canada spoke about the Bahamian Offshore Trusts, Family Office Decisions and the Bahamas Advantage. Mr. Don Stubbs of Scotia Wealth Management in Miami spoke to the role of the government, financial services providers and financial services professionals for the Bahamas to defend the wealth management sector and maintain its title as a reputable IFC. The International Business and Finance Summit brought together key stakeholders, executives, local and international thought leaders together for a day of meaningful discussion on next steps in ensuring that the Bahamas remains a financial global contender and the international financial centre of choice. Photos from IBFS 2018: Photos from Bahamas Briefing 2018:

BFSB News, Events, Featured

BFSB To Host Annual International Business & Finance Summit (IBFS)

@BahamasFSB / January 30, 2018

BFSB will host its 2018 International Business and Finance Summit (IBFS) under the theme “Hitting the Reset Button” here in Nassau on Friday March 2nd at The Baha Mar Resort. This event will give industry stakeholders as well as the general public the opportunity to gain insights into the initiatives impacting the financial services sector as well as strategies to reposition the industry for long term growth and sustainability. The financial services industry remains a key contributor to the economic development of The Bahamas, and there is potential for growth in the sector. Hence, we will look at how we can reposition the sector and chart a new course by embracing innovation and taking bold steps to remain a competitive international financial centre of choice. Speakers at this event will include: Mr. John Rolle, Governor of The Central Bank of the Bahamas who will speak on “Global Banking issues and the Impact on Financial Services”; Ms. Sara Venables, Assistant Director- Deloitte UK who will examine “Tax Strategies for The Bahamas as an International Financial Centre”; Mr. Philippe May of Arton Capital, Singapore who will look at – “The Anatomy of The Global Citizen: Residency Issues”; Mr. L. Ryan Pinder, Partner at Graham Thompson and Former Minister of Financial Services will speak to “Base Erosion and Profit Shifting: Implications for The Bahamas”; Mr. Dennis Deveaux, Head of Management Consulting and Data & Analytics – KPMG Bahamas who will provide insights into “How Data Analytics Can Grow Your Business”; Ms. Susan Fulford of Dynamic Legacy (Canada) who will present on “Family Offices – Governance and The Bahamas Advantage”; and Mr. Don Stubbs of Scotia Wealth will examine “The Role of IFCs in the Transparent World”. Other topics to be covered include Fintech Opportunities for The Bahamas and Refining the Bahamas Value Proposition. IBFS 2018 will bring together international thought leaders, key stakeholders and executives to discuss matters pertinent to the industry. Mark your calendar to attend IBFS 2018 for one day of dynamic discussions and networking. Registration opens on February 1st! For more information email: events@bfsb-bahamas.com

BFSB News, Events, Featured, Industry News

BFSB Hosts Fintech 101 Seminar

@BahamasFSB / January 25, 2018

On January 24, 2018 The Bahamas Financial Services Board (BFSB) and ALIV partnered to host a financial technology (FINTECH) seminar at The British Colonial Hilton. The event was well attended with over 170 persons representing over fifty member firms. In November 2017, BFSB created a FINTECH Working Group to explore the opportunities for the financial services sector to leverage technology to reposition and grow the industry. The primary aim of the Working Group at this time is education and to increase awareness of the FINTECH opportunities in The Bahamas. We are working on drafting a policy position on FINTECH to make recommendations to the government on how best to create an environment that is conducive to FINTECH. Topics discussed at the workshop included: The Disruptive Effect of Fintech, Blockchain, Artificial Intelligence, opportunities for the Bahamas among others. “FINTECH is changing the way that we do business and its imperative that we stay we understand the opportunities and create an environment to leverage them. We are very pleased with the interest expressed by our members.” stated BFSB’s CEO Tanya McCartney. The seminar began with a presentation by Mr. Brandon Caruana of Sterling Financial Group. He is a technology leader with over 15 years’ experience in planning, developing and managing the successful roll out of complex technology projects, who spoke about Blockchain Assets and the Distributed Economy. Mr Brian Jones , Managing Director Deltec Fund Services and Mrs. Christel Sands Feaste, Partner at Higgs and Johnson – members of BFSB’s Fintech Working Group who made a presentation on the opportunities for Fintech in the Bahamas, policy considerations and next steps. The event was moderated by Ms. Gravette Brown of Aliv. Aliv sponsored the event and also are members of the Working Group. Related Documents: Blockchain Assets and the Distributed Economy Draft – Bahamas Position Paper on FinTech 2018