Securities Industry Act to Comply with IOSCO Exchange of Information Standards

May 28, 2010By @BahamasFSBIndustry News, Legal, Securities Industry

During his contribution to the 2010-2011 Budget Debate presentation in May, the Hon. Zhivargo Laing, State Minister of Finance, noted that The Bahamas will be compliant with the International Organisation of Securities Commission’s (IOSCO) Multilateral Memorandum of Understanding (MMoU) Concerning Consultation and Cooperation and Exchange of Information when the new Securities Industry Act and Regulations … Read More

Electronic Work Permit System

April 20, 2010By @BahamasFSBIndustry News, Legal

The Bahamas Government has signed a contract with Indusa Global, a Greenville, South Carolina-based information technology development and consulting firm, for an estimated $12.7 million to provide four systems under a project to upgrade passports and other travel documents. The project includes an ePassport issuance system, a Machine Readable Visa system, an E-Identification issuance system … Read More

New Bahamas Insurance Act

March 1, 2010By @BahamasFSBInsurance, Legal

##Introduction## The Insurance Act 2005, which came into force on July 1 2009, introduced a new system for licensing and regulating domestic insurers based on the international standards prescribed by the Financial Action Task Force and the core principles of the International Association of Insurance Supervisors. Additionally, because it is based on the Modern Insurance … Read More

Improving the Business Environment

February 24, 2010By @BahamasFSBBusiness, Industry News, Legal, The Economy

In his mid-year budget presentation to Parliament today, the Rt. Hon. Hubert Ingraham spoke to improving the business environment, touching specifically on the streamlining of the regulation of the financial services sector. He said, *“The Government is moving to streamline the regulation of non-bank financial services. Specifically, we intend to merge the Securities Commission, the … Read More

International Business & Finance to be Nurtured in 2010

February 22, 2010By @BahamasFSBBusiness, Legal, Newsletter, The Economy

In his annual speech to the nation Bahamas Prime Minister the Rt. Hon. Hubert Ingraham pointed to targeted efforts toward securing and growing financial services and a new investment promotion thrust as two of several Government initiatives that are expected to create economic benefits for the country. *“A number of large international companies are opening … Read More

Investment Funds (Amendment) Act 2010

February 18, 2010By @BahamasFSBAsset Management, Industry News, Legal, Newsletter

Proposals relating to various amendments to the Investment Funds Act, 2003 have been tabled in Parliament. Some of these amendments more broadly define Bahamas-based and non-Bahamas-based investment funds so as to remove restrictions adversely affecting Bahamian investment managers/advisors, and to bring the legislation in line with industry standards. Other amendments extend the definition of a … Read More

Opening of Legal Year 2010

January 8, 2010By @BahamasFSBIndustry News, Legal

Sen. The Hon. John K.F. Delaney, Attorney General and Minister of Legal Affairs, spoke to the Justices of Appeal, the Registrar and staff of the Court of Appeal on the occasion of the Opening of the Legal Year yesterday. The Court of Appeal is part of The Judicature, the third arm of the Government, along … Read More

Jurisdiction update: The Bahamas Insurance Sector

January 7, 2010By @BahamasFSBIndustry News, Insurance, Legal

In response to the recent global initiatives targeting offshore financial centers, the Bahamian government has taken steps to bolster its financial services sector through the enhancement of legislation regulating offshore products that are in high demand. An example of this is evidenced by the introduction of the External Insurance Act, 2009 (“EIA, 2009”), which came … Read More