Bahamas Passes New Investment Fund Laws
The Bahamas has enhanced the regulatory framework for investment funds, Minister
for Financial Services and Investments, Allyson Maynard-Gibson announced recently. After 2 years of discussion and negotiation, the Investment Funds Act 2003
came into force on December 15, and was closely followed by the Investment Funds
Regulations, which came into effect on December 16. According to Minister Maynard-Gibson, the Investment Funds Act covers all aspects
of the application, administration and supervision of funds, setting "boundaries
for acceptable practices", and itemising fees and penalties for participants. Reporting on the passing of the new legislation, the Bahamas Financial Services
Board (BFSB) revealed that it updates the definitions and classes of funds recognised
in the Bahamas, and creates a new style of fund, called the SMART Fund. Explaining the need for the creation of new laws to govern this area, the Financial
Services Minister observed that: "The funds industry has become a major growth area in the Bahamas' financial
services industry over the past decade and the country has developed into a
major international centre for mutual funds." .
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