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Alternative Market Briefing

Bahamas busy updating financial regulation

Thursday, July 18, 2019

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Christel Sands-Feaste
B. G., Opalesque Geneva:

The Bahamas has been working on enhancing and updating its jurisdiction offerings for financial services of late.

"In the last two years, we have seen a change in the approach of the government," said Brent Symonette, a member of parliament and a former minister of financial services, trade, industry and immigration for the Government of the Bahamas, during the recent Opalesque Bahamas Roundtable.

"While the previous administration had tried to follow a bilateral approach, from 2017 on we took the multilateral approach, which saw the signing onto the Competent Authority and the incoming of CRS with the Base erosion and profit shifting (BEPS) administration."

Investment Funds Bill, 2019

"Currently, we are working on rolling out a new Investment Funds Act that will bring together not just our international obligations, satisfy the needs of existing participants in the marketplace from a regulatory perspective and provide the necessarily regulatory oversight, but also recognize realities of 2019 in terms of new concepts that didn't exist two or five years ago," said Christel Sands-Feaste, partner at law firm Higgs & Johnson.

The ......................

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