The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

DRAFT legislation to overhaul the Bahamas' investment funds regime could be made available for industry consultation by next week, the Securities Commission's top executive said yesterday.

Christina Rolle, who was speaking on a panel at the Bahamas Institute of Chartered Accountants (BICA) conference, said: "Progress on the project has been very good to-date, and in fact we expect that the draft Bill will be issued to the industry for consultation by next week.

"We are pleased that the legislative framework we are developing will provide for a critical, modern, world-class regulatory regime for the funds sector, and simultaneously establish the regulatory environment that will facilitate development in the funds industry."

The Securities Commission last July launched the project to overhaul the Investment Funds Act 2003, in a bid to strengthen regulation of the sector and improve competitiveness.

Mechelle Martinborough, the Comnmission's legal counsel, previously told Tribune Business that among the most significant changes is the licensing regime surrounding funds.

Michelle Fields, the Insurance Commission's Commissioner, who was also a panellist at the conference, added: "The Bahamas continues its thrust to be a jurisdiction of choice for international insurance companies. We see continued growth in the international sector. We have 17 insurance companies registered under the External Insurance Act."