Government releases guidelines on Substance Requirements Act

NASSAU, BAHAMAS – The Government on Tuesday issued guidelines to the financial services industry for the Commercial Entities (Substance Requirements) Act, 2018.

These guidelines provide specific details on provisions of the new law, including important aspects around outsourcing and substance requirements for holding companies.

“We know the industry was anxiously awaiting these guidelines. Now that they have been released, all of our core stakeholders will have a clear sense of the framework to fully comply with the legislation,” said Peter Turnquest, Deputy Prime Minister and Minister of Finance.

“These guidelines were drafted with wide input of industry stakeholders, who we would like to thank for engaging with the Government over the past months. This collaborative effort is critical to our ongoing work to safeguard the industry and to ensure our global competitiveness.”