The Securities Commission of The Bahamas recently issued a press release advising that it haa became a Signatory ‘B’ to the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and Exchange of Information (MMOU).
The MMOU was established by the International Organization of Securities Commissions (IOSCO). By signing the MMOU as a Signatory ‘B’, the Commission has undertaken to make the necessary legislative changes to enable it to meet all of the terms of the MMOU, including information sharing provisions in Bahamian securities legislation.
The Securities Commission has said that the provisions of the draft Securities Industry Act and Regulations released for public consultation on May 11, 2009, reflect the provisions necessary to enable it to become a Signatory ‘A’ to the MMOU. It anticipates that once the draft securities legislation is brought into force the Commission’s change in status to a Signatory ‘A’ would be imminent.
Amendments proposed provide clarity to the provisions presently exist in the Securities Industry Act, 1999. The proposed amendments required to the securities legislation as a result of the Commission seeking to become a Signatory ‘A’ of the MMOU will therefore result in requests for information‐sharing being addressed in a transparent environment, in which licensees and registrants of the Commission will fully understand their rights and obligations as well as those of the Commission.
The Commission looks forward to engaging its constituents on their input and comments in relation to these provisions and any other matter that might arise from the proposed provisions in the draft securities legislation. The Commission welcomes comments on the draft Securities Legislation which may be posted directly in the SIA/SIR Comment Forum or emailed to the Commission.