Industry News

Financial Industry Seminar To Discuss The Evolving Legislative Landscape

Friday February 10th, 2012

Category: BFSB News, Industry Information, Legal & Judiciary

David Brownbill, Q.C.

David Brownbill, Q.C.

In 2011, amidst turbulent and uncertain times for economies around the world, The Bahamas implemented a raft of legislative amendments aimed at bolstering the competitiveness of the financial services industry. On February 16th 2012, at the British Colonial Hilton, The Bahamas Financial Services Board (BFSB) in conjunction with the Association of International Banks & Trust Companies (AIBT), Society of Trust & Estate Practitioners (STEP) & the Bahamas Institute of Chartered Accountants (BICA) will host an all-day seminar to address some of these recent legislative developments.

Aliya Allen, CEO & Executive Director of the Bahamas Financial Services Board notes, “This package of legislation is one of the clearest and convincing indicators that the Government and private sector are resolutely pursing their shared vision: “to be a globally competitive international business centre for private wealth management capital investment in the Americas and emerging markets, and residency.”

She says no less than 15 new financial services related Bills were passed, accomplishing a number of very important objectives. For example:

  • Fortifying The Bahamas’ clear position as a leader in private wealth management by removing barriers to dynastic planning;
  • Aligning the regulatory regime governing securities activities with international best practices;
  • Modernizing the insolvency framework for domestic and international business companies; and
  • Complying with international standards set for accounting records and record retention.

The first half of the Seminar, Leading Innovation in Private Wealth Management will tackle issues like the Amendments to the Trustee Act – Why change was necessary in light of international trends and developments and The Executive Entity: How it could change the way we structure wealth plans. The second half of the Seminar, A Modern Insolvency Framework, will examine the amendments to the insolvency regime and discuss topics like, Insolvent Trading, Shadow Directors and other key provisions.

Seminar speakers include: David Brownbill, QC; Sen. The Hon. John Delaney, QC, Attorney General of The Bahamas; Andrew Law, Chief Executive Officer, International Protector Group Limited; Anthony Kikivarakis, Partner, Deloitte; Arthur Seligman, Partner, Lennox Paton; Brian Moree, QC, Senior Partner, McKinney Bancroft & Hughes; Brian Simms, QC, Senior Partner, Lennox Paton; Dr. Earl Cash, Partner, Higgs & Johnson; Maria Ferere, President & Director, FT Consultants; Metta MacMillian-Hughes, Partner, Lennox Patton; Tanya Hanna, Partner, Graham, Thompson & Co. and Timothy Colclough, Vice President & Head of Trust & Fiduciary Services, Butterfield Bank (Bahamas) Limited.