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Bahamas Regulator Underlines Strategic Goals For 2009,
by Amanda Banks, Tax-News.com, London
Wednesday, January 07, 2009
The Securities Commission of the Bahamas (SCB), which regulates the jurisdiction's investment
funds, securities and capital markets, has underlined its strategic goals for
improving the regulatory framework of the Bahamas in 2009.
The Statement of Priorities, released December 31, sets out three major goals
for the Commission and demonstrates how they will be achieved. The Commission
intends that this year's statement will serve as a guide for the development
of future Statements of Priorities, and that annual reports for respective years will
reflect the level to which these goals have been achieved.
Philip Stubbs, SCB Chairman, noted that: “These goals translate vision
and direction into policies and procedures that will strengthen the capacity
of the Commission to execute its mandate more effectively.” He also noted
that achieving these goals will help establish a regulatory framework that is
responsive to investment funds, securities and capital markets, as well
as facilitate consistency with best practices.
The three strategic goals for 2009 are as follows:
Conduct a comprehensive review of the Commission to identify areas
of risk and required improvements: An enterprise risk assessment
will be undertaken to address issues related to: the regulatory environment
in which the Commission operates; the development of effective enforcement
mechanisms, which are integral to maintaining confidence in capital markets
and averting harm to investors; and assist the Commission in evaluating the
factors affecting the jurisdiction’s competitiveness. In addition, the
assessment will take into consideration the resources and tools, such as compensation
and performance evaluation, necessary to maintain an effective staff complement.
Overall, the assessment will assist the Commission in deploying resources
more efficiently to better execute its mandate.
Enhance the legislative framework of the Commission: The
objective is to ensure that the legislative framework supporting investment
funds, securities, and capital markets is responsive to today’s needs
and tomorrow's challenges. In order to achieve this goal, the Commission specifically
plans to: (a) finalize the draft of the Securities Industry Regulations to
accompany the draft Act - which has already been released for review –
and ensure an open period of consultation and collaboration with investors, industry participants and other stakeholders; b) codify amendments to the
investment funds legislation with a view to enabling provisions that maintain
The Bahamas’ competitive position; and (c) conduct a review of the Financial
and Corporate Service Providers Act, 2000 to identify deficiencies and address
with amendments, where necessary.
Enhance transparency in the operations of the Commission: Transparent
operations foster trust and confidence. Clearly documenting policies, operating
procedures and planning processes directly support transparency in an organization.
One of the steps being taken to accomplish this in the Commission is to improve
governance and accountability. The appointment of a Policy Committee of the
Board was made to ensure policy development in an environment of integrity.
The Committee has been charged with the overall responsibility of developing
Board Policies within a framework that sets out the policies and procedures
of the Board regarding representation, decision-making, and leadership, as
well as outlining the specific role and duties of the Board and its members.
Further, the Commission will enhance and update (internal) operating procedures
and staff regulations, in addition to placing some focus on streamlining its
planning procedures.
The Commission’s Executive Director, Hillary Deveaux, welcomed the Commission's
statement, stating: “These goals highlight what is needed for the Commission
to ensure there is a balance between growing and regulating the industry."
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