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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