Securities Industry Legislation
NOTE: Several of the Acts outlined in this site are available for download in PDF format from the Bahamas Compliance Commission. To visit their website click here. The link will be open a new browser window. To return to the BFSB site, simply close the new window.
The following acts are available for direct download in PDF format from our site. Please click the Act name to download:
The Investment Funds Act 2003
The Investment Funds Regulations 2003
The Investment Funds (SMART Fund) Rules 2003
The following acts can be accessed via the Bahamas Compliance Commission.
AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A SECURITIES COMMISSION, TO PROVIDE FOR THE REGULATION OF SECURITIES EXCHANGES AND THE SECURITIES INDUSTRY AND FOR CONNECTED PURPOSES
The Securities Industry Act - Date of Assent: 16th February, 1999
Part I - Preliminary
Section 1 Sort Title and Commencement
Section 2 Interpretation
Part II - Securities Commission
Section 3 Establishment of Commission
Section 4 Functions of the Commission
Section 5 Powers of Minister
Section 6 Funds and Resources of the Commission
Section 7 Borrowing Powers
Section 8 Advances and Guarantee of Borrowings
Section 9 Repayment of Interest
Section 10 Surplus Funds
Section 11 Reserve Fund
Section 12 Balancing of Revenue Account and Surplus Revenue
Section 13 Accounts and Audit
Section 14 Annual Report
Section 15 Appointment of Secretary
Section 16 Appointment of Executive Director
Part III - Regulation of Securities Exchanges and Market Participants
Section 17 Registration of Securities Exchanges
Section 18 Recognition of Foreign Securities Exchanges
Section 19 Trading in Listed Securities Restricted to a Securities
Exchange
Section 20 Clearing and Settlement, Depository and Custody Facilities
Section 21 Broker-Dealer
Section 22 Application for Registration as a Broker-Dealer
Section 23 Registration
Section 24 At Least One Director Must Be Stockbroker
Section 25 Alteration of Memorandum and Articles of a Broker-Dealer
Section 26 Notices to the Commission
Section 27 Voluntary Liquidation
Section 28 Official Register
Section 29 Stockbroker, etc, Registration and Associated Person
Approval
Part IV - Regulatory Authority of the Commission
Section 30 Rules
Section 31 Authority
Section 32 Delegated Regulatory Authority
Section 33 Regulatory Process
Section 34 Investigations
Section 35 Sanctions and Remedies
Section 36 Compliance with Decisions of the Commission
Section 37 Order
Section 38 Register as Evidence
Section 39 Time Limits
Section 40 Defence
Section 41 Applicability of the Companies Act, 1992
Section 42 Appeals
Section 43 Criminal Conviction
Section 44 Suspension of Trading
Part V - Financial Requirements: Broker-Dealers
Section 45 Minimum Capital Requirements
Section 46 Records and Books of Accounts
Section 47 Trust Accounts
Section 48 Withdrawals from Trust Account
Section 49 Claims and Liens Not Affected
Section 50 Contravention
Section 51 Audit of Broker-Dealers
Section 52 Indemnity Insurance
Section 53 Prohibition
Part VI - The Issue of Securities to The Public: Prospectus
Section 54 No Issue to Public Without an Approved Prospectus
Section 55 Expert's Consent to Issue of Prospectus Containing
Statement by Him
Section 56 Registration of Prospectus
Section 57 Civil Liability for Misstatements in a Prospectus
Section 58 Criminal Liability for Misstatements
Section 59 Deemed Prospectus
Section 60 Interpretation of Prospectuses
Section 61 Application of Sections 54 to 60
Section 62 Definition of Private Company
Section 63 Deemed Public Companies
Part VII - Reporting Requirements
Section 64 Company to File Material Change with Commission
Section 65 Issuer to File Reports
Part VIII - Conduct of Security Business
Section 66 Conduct in Trading
Section 67 Beneficial Ownership of Listed Securities
Section 68 Broker-Dealer May Act in Dual Capacity
Section 69 Prohibition of False Markets
Section 70 Market Rigging Transactions
Section 71 Inducement to Purchase or Sell Securities by Circulation
of Information
Section 72 Employment of Deceptive Devices
Section 73 Prohibition of Use of Confidential Information
Section 74 Insider Trading Definitions
Section 75 Presumed Insider
Section 76 Liability of Insider
Section 77 Limitation and Application
Section 78 Contract Note
Section 79 Transfer of Securities
Section 80 Offences Under Part VIII
Part IX - Interest in Securities of Public and Listed Companies
Section 81 Notification of Acquisition and Change of Interest
Section 82 Notification of Interests of Directors, Officers or
Substantial Shareholders
Section 83 Interest in Securities
Section 84 Extension to Spouses and Children
Section 85 Register of Interests of Directors, Officers and
Substantial Shareholders
Section 86 Obligation to Notify Listed Company of Acquisition of
Substantial Shareholding
Section 87 Register of Interest in Voting Shares
Section 88 Disclosure of Beneficial Interest in Share Capital
Section 89 Offences Under Part IX
Section 90 Application of Part IX
Part X - Miscellaneous
Section 91 Confidentiality
Section 92 Proxy Solicitation
Section 93 Regulations
Section 94 Guidelines
Section 95 Transitional Provisions
Section 96 Savings
Section 97 Exemption
Section 98 Repeal and Amendments
Schedules
First Schedule
The Commission, Its Members and Staff
Second Schedule
Amendments - Companies Act, Mutual Funds Act,
THE SECURITIES INDUSTRY REGULATIONS, 2000 - 17 July, 2000
Part 1 - Preliminary
Section 1 Citation
Section 2 Interpretation
Part II- Registration of a Securities Exchange
Section 3 Securities Exchange
Section 4 Requirements
Section 5 Application
Section 6 Registration
Section 7 Amendments
Section 8 Shareholders
Section 9 Transfer of Shares
Section 10 Reporting
Section 11 Annual Audit
Section 12 Voluntary Liquidation
Part III - Registered Firms
Section 13 Broker-dealers and Securities Investment Advisor
Section 14 Broker-Dealer Requirements
Section 15 Classes of Broker-Dealers
Section 16 Class IV Broker-Dealer
Section 17 Securities Investment Advisor Requirements
Section 18 Application for Registration as a Broker-Dealer
Section 19 Application for Registration as a Securities Investment
Advisor
Section 20 Review of Application
Section 21 Name of Registered Firm
Section 22 Requirements for Broker-Dealer
Section 23 Commission May Revoke, etc. Firms Registration
Section 24 Voluntary Surrender of Registration
Section 25 Continued Jurisdiction
Part IV - Registration and Licensing of Individuals
Section 26 Requirements for Registration as a Stockbroker or
Broker, etc.
Section 27 Application for Registration as a Stockbroker or
Broker, etc.
Section 28 Requirements for Registration as an Associated Person
Section 29 Application for Registration as an Associated Person
Section 30 Principal
Section 31 Requirements for Licensing as a Principal
Section 32 Application for Licensing as a Principal
Section 33 Review of Application
Section 34 Renewal of Registration or Licence
Section 35 Material Change
Part V - Registered Facilities
Section 36 Voluntary Surrender of Registration or Licence
Section 37 Continued Jurisdiction
Section 38 Application
Section 39 Registration
Section 40 Permitted Shareholders
Section 41 Amendments
Section 42 Transfer of Shares
Section 43 Reporting
Section 44 Annual Audit
Section 45 Voluntary Liquidation
Part VI - Filing and Reporting Requirements of Registered Firms
Section 46 Employment
Section 47 Termination of Employment
Section 48 Disciplinary, Legal, Criminal or Material Events
Section 49 Financial and Operational Reports
Section 50 Annual Audit
Part VII - Record Keeping Requirements
Section 51 Record Keeping
Section 52 Types of Records to be Kept and Preserved
Section 53 Maintenance of Books and Records
Part VIII - Financial Requirements for Registered Firms
Section 54 Financial Requirements
Section 55 Capital Requirements
Section 56 Regulatory Capital
Part IX - Business Conduct
Section 57 Duty to Comply
Section 58 Unregistered, Unlicensed, Suspended or Barred Individuals
Section 59 Customer Account Form
Section 60 Suitable Recommendations
Section 61 Excessive Trading
Section 62 Unauthorised Trades
Section 63 Fraudulent Activities
Section 64 False Statements or Omissions
Section 65 Improper Use of Securities' Funds
Section 66 Segregated Accounts
Section 67 Prompt Delivery
Section 68 Disclosure of Control
Section 69 Charges for Services
Section 70 Outside Business Activity
Section 71 Supervision
Section 72 Unauthorised Securities Transaction
Part X - Advertising and Public Communications Standards
Section 73 General Standards
Section 74 Specific Standards
Section 75 Compliance
Section 76 Commission's Authority Regarding Public Communications
Part XI - Approved Auditors
Section 77 Approved Auditor
Section 78 Requirements for Approval
Section 79 Duties of the Approved Auditor
Section 80 Contraventions by Approved Auditor
Part XII - Public Offerings
Section 81 Registration
Section 82 Delivery of a Registered Prospectus
Section 83 Conduct of Company During Registration of Securities
Section 84 Prospectus
Section 85 Review of Prospectus
Section 86 Contents of Prospectus
Section 87 Post-effective Amendments
Section 88 Stop Order
Section 89 Escrow
Part XIII - Exempt Offerings
Section 90 Definitions for Part XIII
Section 91 Exemption from Registration
Section 92 Exemption of Offering not Exceeding One Million Dollars
Section 93 Exemption of Offering not Exceeding Five Million Dollars
Section 94 Criminal or Regulatory History
Section 95 Filing with the Commission
Part XIV - Proxies
Section 96 Definitions for Part XIV
Section 97 Notice and Proxy Requirements
Section 98 Filing Requirement
Section 99 Authority of the Commission
Section 100 Dissenter Rights
Section 101 Communication with Shareholders
Section 102 Requirements as to Proxy
Section 103 Exclusion from Filing
Section 104 Proposals
Section 105 Delivery or Proxy
Part XV - Commission's Official Register
Section 106 Commission's Official Register
Section 107 Contents of Commission's Official Register
Section 108 Other Entities
Section 109 Information to be Kept Current
Par XVI - Recognition of Foreign Securities Exchanges and Prescribed
Jurisdictions
Section 110 Authority
Part XVII - Investigative and Disciplinary Procedures
Section 111 Applicability
Section 112 Confidentiality
Section 113 Filing of Grievances
Section 114 Time Limitations
Section 115 Investigation Report
Section 116 Complaint
Section 117 Answer to Complaint
Section 118 Notice of Hearing
Section 119 Hearing Waived
Section 120 Disciplinary Committee
Section 121 Commission Hearing
Section 122 Commission Hearing Panel's Decision
Section 123 Default by the Defendant
Section 124 Final Decision
Section 125 Appeal of the Final Decision
Section 126 Double Jeopardy
Section 127 Offer of Settlement
Section 128 Sanctions
Section 129 Compliance with the Final Decision
Section 130 Summary Suspension
Section 131 Expulsion or Suspension of Registered Firm
Section 132 Revocation or Suspension of Individual
Part XVIII - Request for Information and Cooperation
Section 133 Request for Information and Cooperation
Section 134 Requests for Financial Information
Section 135 Impending Requests
Section 136 Failure to Comply with a Request From the Commission
Section 137 Failure to Comply with a Commission Request During
Proceedings
Section 138 Forms
Section 139 Fees
First Schedule - Prospectus
Second Schedule - Proxy Statement
Third Schedule - Recognised Foreign Securities Exchanges
Fourth Schedule - Prescribed Juri8sdictions
Fifth Schedule - Forms
Sixth Schedule - Fees
AN ACT TO AMEND THE SECURITIES INDUSTRY ACT, 1999
The Securities Industry (Amendment) Act, 2001 - 31 August, 2001
Section 1 Short Title
Section 2 Amendment of Section 4 of the Principal Act
Section 3 Repeal and Replacement of Section 91 of the Principal Act
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