Sixteen new firms approved, increasing total to 157 at end December 31, 2018
NASSAU, BAHAMAS- The Securities Commission of The Bahamas (SCB) reported that while it approved sixteen new firms in 2018, twelve firms surrendered their licenses.
The Commission’s 2018 annual report tabled in House of Assembly yesterday.
It stated the total number of firms under its regulatory ambit increased to 157 as at December 31, 2018.
“In 2018 the Commission approved 16 new firms. Two firms upgraded their license to conduct registrable securities business. As at December 31 2018 there were 157 register securities firms in the industry. While the total number of firms increased to 157 as at December 31 2018, there were 12 firms that surrendered their licensed in 2018,” the report stated.
The Securities Commission of The Bahamas supervises and regulates the investment funds industry, the securities industry, capital markets as well as financial and corporate service providers.
The report also noted that in 2018, 105 investment funds were approved, 24 of which were licensed by the Commission and 81 were licensed by unrestricted investment fund administrators and filed with the Commission.
“During the 2018 period, 108 investment funds were liquidated or surrendered their license resulting in a total of 780 licensed and registered investment funds at year-end 2018.”
The SCB also noted that with regards to enforcement, there were 15 enforcement matters brought forward from 2017.
“During 2018 two new matters were opened and four matters were closed. The SCB reported that as at December 31 2018, 13 enforcement matters remained opened of which five involved litigation and eight were administrative matters, meaning matters primality concern of non-compliance with filing obligations under the Securities Industry Act and Regulations .
The SCB reported that three settlements were reached in 2019, one involving Swiss America Securities Ltd and two separate settlements with Montague Capital Partners Ltd.