**Hon. Allyson Maynard-Gibson, M.P.
Minister of Financial Services and Investments**
Addressing participants during the luncheon session of an all-day Industry Legislation Seminar yesterday, Minister Maynard-Gibson commended organisers for taking the initiative to promote a better understanding of the new products resulting from the legislation. She said the exercise should also provide valuable feedback which will help to improve the quality of legislation regulating the financial services industry.
**Public-Private Sector Dialogue Essential**
She took the opportunity to pay tribute to the ongoing collaboration between the public and private sector in efforts to ensure a well regulated, responsive and proactive jurisdiction. *”Indeed, without the support of the sector this legislation may not have been possible,”* said the Minister. *”Industry, through the Financial Services Consultative Forum (FSCF) and the Bahamas Financial Services Board (BFSB), clearly articulated the need for this legislation. Many of you gave of your time and expertise at no cost to the government to ensure that the legislation was drafted and adopted by the Parliament.”*
The Seminar provided an overview of new industry legislation as follows:-
• Foundations Act
• Investment Funds Act
• Purpose Trust Act
• Segregated Accounts Companies Act
and Amendments to:
• International Business Companies Act
• Perpetuities Act
**Continued Industry Developments**
Indications were that over the next six months the Ministry of Financial Services and Investments will focus on legislation relating to an international arbitration centre, external and domestic insurance, securitisation and private trust companies.
Referencing the importance of Government ensuring that systems are in place to give effect to any new legislation, Minister Maynard-Gibson pointed to the work done by the new Registrar General in collaboration with BFSB and the broader industry to ensure that procedures and mechanisms are in place to allow that department to process applications made under these acts expeditiously. Specifically, the Registrar General’s Department has implemented new systems and procedures to provide the public with more efficient services – including the Agent Internet Module System
The Seminar was sponsored jointly by BFSB, the Association of International Banks & Trust Companies (AIBT), and the Society of Trust and Estate Practitioners (STEP).