The Bahamas has been approved as a Signatory A under the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the MMoU) of the [International Organisation of Securities Commissions](http://www.iosco.org/) (IOSCO).
Being a signatory to the MMoU is a statement of a jurisdiction’s commitment with regard to mutual assistance and the exchange of information for the purpose of enforcing and securing compliance with the laws and regulations of the relevant jurisdictions.
*“We are pleased at this development,”* said Aliya Allen, CEO and Executive Director, Bahamas Financial Services Board (BFSB). *“BFSB has been a strong industry advocate of ‘A ‘signatory status for some time, working alongside the [Securities Commission of The Bahamas](http://www.scb.gov.bs/documents/SCB%20MMoU%20A%20Signatory%20Status%20Press%20Release.pdf) in that regard. The Bahamas now is better positioned vis a vis its securities sector offerings, joining the ranks of other international financial centres who have subscribed to the international standards.”*
She added, *“This is an important development with respect to the Latin America market, a region we have identified as having significant potential for our funds industry. Brasil is of special note; since 2010 it has effectively moved away from bilateral agreements, using the IOSCO MMoU (Appendix A) as the benchmark for approved jurisdiction status.”*
The Securities Commission has been a member of IOSCO since 1996 and a signatory (Appendix B) to the MMoU since 2009.
The Presidents Committee of IOSCO endorsed the MMoU in 2002 as an instrument to help ensure effective global regulation and preserve and strengthen securities markets around the globe. The MMoU is a practical tool that took into account existing IOSCO Principles on Co-operation in Regulation. At that time, IOSCO encouraged all member regulators to take the necessary steps to become signatories. Later in 2005, signature to the MMoU became a condition of IOSCO membership.
Efforts to build a strong international network of cooperation and exchange of information through the IOSCO MMoU have progressed over the years, as it proved to be an effective tool to combat cross-border financial crime. Subsequently, in 2010 all IOSCO members were asked to apply to become full signatories (Appendix A) to the IOSCO MMoU by January 1, 2013. The Bahamas’ application for Signatory A status was advanced once the Securities Industry Act (SIA) 2011 legislation was passed, bringing about an enhanced regulatory framework of the securities and capital markets in The Bahamas.