The new Investment Funds bill will transition from the older, exclusively rules or disclosure-based approach to regulation of investment funds, to a modern approach that considers the conduct of industry participants, and includes appropriate prudential assessments. This according to Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest creates an opportunity for the growth-friendly legislative framework, unencumbered by unnecessary barriers to entry. Mr. Turnquest was delivering opening remarks during an industry meeting held by the Securities Commission. The meeting was held on Thursday, 7th December.
According to the Deputy Prime Minister, the Investment Funds bill is a piece of legislation with the potential to usher in a new era for investment funds in The Bahamas, with a comprehensive, best in class regulatory framework designed to overcome regulatory gaps and deficiencies in the prevailing Investment Funds Act, 2003, and create new opportunities for the investment funds industry to develop and flourish. “The overhaul of the investment funds’ legislative framework is coming at a crucial moment for The Bahamas,” said Mr. Turnquest. “Undoubtedly, offshore jurisdictions, the world over, have a daunting job competing for their share of the global financial services industry.
The Securities Commission, host of the event, is one of the principal financial regulators in The Bahamas and falls under the portfolio of the Ministry of Finance. The Commission is responsible for regulating and overseeing investment funds, securities and capital markets in the country in its capacity as Inspector of Financial and Corporate Services. It oversees financial and corporate service providers and advises the Minister of all matters relating to capital markets.