The Tribune

Despite a cut in its government subvention, the Bahamas Financial Services Board’s (BFSB) chief executive believes this has created an “ideal opportunity” to work with the Government on maximising resources.

“We are still as convinced as ever of Government’s commitment to the industry and to the institution of BFSB, borne out through the access we’ve had to the Minister of Financial Services” said Aliya Allen at the BFSB annual general meeting (AGM)m which took place on September 25.

Although the BFSB’s guaranteed subvention from the Government will decrease in 2014, in line with other austerity measures being put in place, Ms Allen said: “In some ways this represents an ideal opportunity for the creative machinery of BFSB and the Ministry of Financial Services to work together in a collaborative manner to ensure the maximiaation of resources where appropriate.”

The Minister of Financial Services, Ryan Pinder, said the BFSB has distinguished itself locally and internationally as an advocate for the Bahamian financial services industry, and through its broad-based membership and pursuit of opportunities to grow the sector.

During her AGM report to members, Ms Allen summarised the broad range of industry, product, legislative and promotional initiatives undertaken by BFSB over the past year. These included:

• The introduction of a Competitiveness Conclave series and an annual CEO Conclave, both designed to facilitate open and frank dialogue on industry issues by senior executives.

• The first in a series of Webinars designed to promote and educate member firms, and international advisors, on new product initiatives, with the Bahamas Executive Entity (BEE) serving as the template for others that will follow.

• The efforts of BFSB working groups drafting proposed amendments to various pieces of legislation, including the International Business Companies Act, the Trustee Act and the Banks and Trust Companies Regulation Act.

The latter will allow for the BEE to act in the same manner as a private trust company, and a new product aimed at maximising investment fund business from Brazil and other Latin American countries.

• Collaboration with the Securities Commission and the Ministry of Financial Services, leading to the Bahamas ultimately signing on to the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the MMoU) of the International Organisation of Securities Commissions (IOSCO), and preserving access to important markets such as those in Europe and emerging markets through the signing of an MoU with the European Securities and Markets Authority (ESMA) in relation to the EU’s Alternative Investment Fund Managers Directive (AIFMD).

• Successful efforts with the Insurance Commission of the Bahamas to establish this country as a gold standard jurisdiction for captives.

• Marketing and promotional campaigns under The Bahamas Advantage branding.

Ms Allen also thanked outgoing chairman Paul Winder, “whose optimism and pro-activeness has inspired the entire board”.

BFSB’s new chairman will be announced shortly by the Board of Directors.