The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Legislation affecting the financial services industry must be reviewed on an almost yearly basis if the Bahamas is to remain competitive, a Cabinet minister said yesterday.

Hope Strachan, minister of financial services, emphasised how quickly the Bahamas needed to move in constantly upgrading its regulatory regime, as the Government prepares to amend laws governing the securities industry.

The Government will today table in the House of Assembly a Bill to enhance and clarify the Securities Commission’s structure and responsibilities, relieving it of its current ‘prosecutor, judge and jury’ obligations.

Mrs Strachan said: “The legislation is meant to make the hearing and settlement of matters more transparent. It removes the situation where the Securities Commission was really involved in every aspect of hearing and settlement ,and it will create an autonomous body now to be involved in that process. 

“Obviously that would be seen as a conflicting position for many, and so what we are seeking to do is remove the possibility of conflicts and create an environment where there is a transparent process.”

Mrs Strachan added: “We believe that as we move forward in the financial services industry that it is important for us to keep looking at these different aspects of how we operate as a jurisdiction.

“A comprehensive overview of all of the legislation as it relates to financial services has to be done on almost a yearly basis for us in order to really remain competitive in financial services.

“You have to be constantly innovating, seeing how you can amend legislation and make the job of the persons involved in the industry much more clear and transparent.