The Tribune

Accountants believe increased competitiveness and a better-regulated industry should follow from the Securities Commission’s commitment to meaningful dialogue with capital markets stakeholders.

Representatives of the Bahamas Institute of Chartered Accountants (BICA), and from accounting firms BDO Mann Judd, Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers, paid a courtesy call on the Commission’s executive director, Dave Smith, on Friday, August 31.

Their discussions focused on areas where the Commission’s function and the work of accounting professionals in the Bahamas relate significantly.

BICA president, Jasmine Davis, called the meeting “very productive”, and said the organisation was committed to doing its part to strengthen the regulatory framework for the Bahamas.

“The Institute applauds the Commission’s proactive approach regarding information gathering through its recent consultative papers,” Ms Davis said.

“This demonstrates the Commission’s commitment to industry input and feedback on the front end.”

Mr Smith described the input received from participants as helpful and supportive to an enhanced regulatory landscape

He welcomed BICA’s commitment to undertake a review of consultation documents issued by the Securities Commission on the Bahamas’ Takeover Code, corporate governance and liquidity risk guidelines.

Ther meeting with BICA also focused on segregation of assets, financial and corporate service providers, and other areas of mutual interest. The newest regulatory principles for capital market oversight, issued by the global standard setter, the International Organisation of Securities Commissions (IOSCO), were also discussed.

Diveane Bowe, a KPMG partner, said he perceived a clear message of engagement with industry stakeholders from the Securities Commission.

“[Meetings like these] improve the transparency between all stakeholders, and transparency helps to identify issues affecting the industry as a whole and to solve them collectively. We need this increased dialogue within the industry to ensure we remain competitive and, quite frankly, to get ahead of our competitors,” Mr Bowe said.

Prince Rahming, PricewaterhouseCoopers (PwC) territory partner, said that after spending the last 10 years working abroad in a highly regulated and competitive financial services environment, he was pleased by the level of transparency in the Commission’s consultative process.

“The process, however, is only successful if feedback is received,” Mr Rahming said after the meeting. “Therefore, I would encourage industry participants and professional bodies alike to remain active in this space.”

Mr Smith said the Securities Commission will continue its effort to execute its communication strategy through stakeholder meetings, consultation documents and general industry briefings.