NASSAU, BAHAMAS — The Securities Commission of the Bahamas approved and licensed 69 investment funds in 2020, according to the regulator’s 2020 annual report.
According to the commission’s 2020 annual report, it six of those funds were licensed directly by the regulator and 63 were licensed by unrestricted investment fund administrators and filed with the commission.
It also noted that during the 2020 period, 105 funds entered into liquidation or indicated a surrender of license.
“Of those, 67 satisfactorily completed the process by year-end, resulting in 712 licensed investment funds at December 31, 2020,” the commission noted.
The regulator noted that the Investment Funds Act, 2019, and the Investment Funds Regulations, 2020, ushered in a number of changes to the supervisory framework for investment funds. As of December 31, 2020, there were 48 licensed fund administrators.
The regulator’s report also noted that in 2020 it approved nine new firms; five firms upgraded their license to conduct registrable securities business; and 10 firms surrendered their license. As of December 31, 2020, there were 163 registered securities firms.
“In 2020, 179 individuals were approved under the Securities Industry Act (SIA), while 195 individuals surrendered their license,” the regulator noted.
“As at December 31 2020, there were 1,079 individuals registered under the SIA.
“There were 12 enforcement matters brought forward from 2019. During 2020, two new matters were opened and two matter were closed.
“As at December 31, 2020, 12 enforcement matters remained open, of which nine involved litigation and three were administrative matters. Administrative matters primarily concern non-compliance with filing obligations and client files/records under the Securities Industry Act and Regulations.”
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