The Tribune

THE Bahamas Association of Compliance Officers (BACO) last week paid a courtesy call on the Securities Commission of tThe Bahamas (SCB) to continue talks on regulatory reforms and the critical role its members play.

BACO executives met with the executive director Dave Smith and several management team members.

BACO was represented by its president, Marsha Ferguson, 2010 past president Cherise Cox-Nottage, assistant treasurer Cheryl Fox, education committee member, Latonia Symonette-Tinker, and secretary Rochelle Cleare. 
 “I believe my team came away with an appreciation that the SCB has, and is executing a plan to address the historic and other issues which we raised, and the SCB has its fingers on the pulse of the ever-evolving international regulatory environment and is working to ensure that the Bahamas remains as a reputable jurisdiction from which to do business,” Ms Ferguson said.

“With the authority that the SCB has under the Securities Industry Act 2011, the plans that it has in place, and its unequivocal support for the goals of BACO, we are optimistic about many of the changes which the SCB is on track to realise.”
 Ms Ferguson said BACO now understands some of the challenges facing the SCB a little better.
 The BACO representatives were told of several SCB initiatives, including internal restructuring for improved efficiency, reworked communication flows to improve responsiveness, new service delivery standards for processing applications, upgrades and improvements to information management systems and a number of other projects and initiatives underway, aimed at improving the industry’s experience.
 The SCB is also preparing to issue a survey of compliance professionals in the capital and securities markets to better understand their composition, experience and training, and gain feedback on the guidelines for the licensing of compliance officers.
 “We cannot stress sufficiently the importance of feedback and engagement in shaping the regulatory landscape,” Mr Smith said.

“Regulators place great reliance on compliance professionals, and the SCB realises that holistic regulations are best achieved through meaningful dialogue with industry stakeholders.”
 The attendees also explored how to provide targeted training to fill-in gaps that compliance professionals in the securities and investment funds business sometimes have.

Mr Smith explained that compliance experience in other financial services operations may not meet the specialised expertise required for securities and investment funds business.

The SCB requires the registration of compliance officers for securities and investment funds businesses under its regulatory authority.

Several matters addressing the legislative framework were also discussed, including some of the Commission’s considerations that informed the proposed outsourcing guidelines and the implications of the Financial Action Task Force’s (FATF’s) ‘40+9 Recommendations’. The Recommendations comprise the global standard for combating money laundering and terrorist financing.