Consolidated Regulatory Regime For Bahamian Finance Sector In The Pipeline

by Amanda Banks, for LawAndTax-News.com, London

16 April 2004

In a recent interview with the Nassau Guardian, Governor of the Bahamian Central Bank, Julian Francis revealed that significant progress has been made on a draft proposal for the creation of a consolidated regulatory regime for the jurisdiction's financial services sector.

Explaining that a committee comprising representatives from the existing regulatory agencies has been working on preparing the proposal for the scrutiny of the Minister of Finance, James Smith, Mr Francis told the Guardian that:

"We've got a draft of a proposal on the consolidated regulatory system ready to go to the Minister but we're still looking at it maybe to tweak it a bit before we actually submit it to him. We are quite advanced in our development of a proposal."

He went on to hint that the committee has a particular regulatory model in mind for the Bahamian financial services sector, but declined to reveal which jurisdiction had provided the template before the draft proposal is submitted to the Finance Minister.

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