Financial and Corporate Service Providers Act, 2000

On December 31, 2007, the Right Honourable Hubert A. Ingraham, Prime Minister of The Bahamas and Minister of Finance, appointed the Securities Commission of the Bahamas (“the Commission”) as the Inspector of Financial and Corporate Service Providers (“the Inspector”), effective January 1, 2008. 

The Commission is a statutory body, established by an Act of Parliament in 1999 and has been charged with the responsibility of protecting the interests of the investing public, through its supervision and regulation of the activities of the investment funds, securities, and capital markets. It is currently responsible for the administration of the Securities Industry Act, 1999, the Investment Funds Act, 2003 and the Financial and Corporate Service Providers Act, 2000.

As a result of the transfer, the pubic is advised of the following: 

Licenses Granted Under the Financial and Corporate Service Providers Act (the Act)

1.      Companies

a.      unincorporated body;

b.      firm;

c.      corporate entity; or

d.      partnership

2.      Individuals 

Granting of Licenses 

Pursuant to section 4(3) of the Act, the Inspector takes into account the following in granting a license: 

On-Going Reporting Requirements 

Companies are required to file the following documents on an annual basis at the time of renewal: 

1.       Annual Return Statement and 

2.       Certificate of Good Standing  

Fees 

Methods of Payment

The practice of accepting cash for payment of fees has been discontinued and cheques (payable to The Inspector FCSP) are the only acceptable form of payment.

Outstanding fees for any period prior to January 1, 2008 are to be paid before any consideration will be given to an application for renewal of a license.