NASSAU, BAHAMAS — The Securities Commission’s executive director said yesterday that the regulator has commenced an “overhaul” of the Securities Industry Act, which is expected to be completed this year.
Christina Rolle, executive director of the Securities Commission of The Bahamas, while addressing a 2022 Risk and Regulatory Outlook spearheaded by Next Level Solutions, stated: “This year, we expect to complete an overhaul of the Securities Industry Act.
“We commenced that overhaul at the beginning of the year. The legislation is 10 years old and in need of update.
“There has been a lot of advancement in the securities industry since 2011 and we are seeking to better align all of the operational changes in the capital markets and securities industry with the way we regulate.”
Rolle noted that amendments to the Investment Funds Act are also being undertaken.
According to Rolle, there are currently 167 registrants under the Securities Industry Act; 45 investment fund administrators; 683 investment funds; as well as 246 financial and corporate service providers.
Rolle also noted that currently there are three registrants under the Digital Assets and Registered Exchanges (DARE) Act. The legislation, which came into effect in December 2020, provides the legal framework to regulate the issuance and sale of digital assets, or crypto assets, including digital tokens.
“Currently, we have three registrants under the DARE Act. One is a registered exchange and we have two FCSPs approved to carry on digital asset business,” Rolle noted.
“We do have quite a few applications in the pipeline and quite a few inquiries.”
The DARE Act has been credited with helping to attract FTX, the world’s second-largest crypto exchange, to The Bahamas.
FTX opened its headquarters in The Bahamas last September.
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