SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE: HILLARY DEVEAUX - CONFIRMATION AS EXECUTIVE DIRECTOR 

MAY 25, 2006

The Securities Commission of The Bahamas (“the Commission”) is pleased to advise that Mr. Hillary Deveaux, who was appointed Acting Executive Director of the Commission on December 1, 2002, has been confirmed as Executive Director on May 16, 2006 by the Prime Minister and Minister of Finance.

Mr. Deveaux was appointed Secretary to the Securities Board (the predecessor to the Securities Commission) on June 1, 1997. Prior to joining the Securities Commission, he served as General Manager of the Bahamas Agricultural and Industrial Corporation. Other appointments include Project Officer, Caribbean Development Bank in Barbados; Manager of the Eurodollar Division, Bank of New Providence in Nassau; Money Market Manager, Chemical International Finance Ltd. (a wholly owned subsidiary of Chemical Bank,) in New York; and Assistant Director, Research Department, Central Bank of the Bahamas. 

He received his education at the Government High School, Iowa State University; the London School of Economics and Political Science; and Cambridge University.

Mr. Deveaux has been an Evening Lecturer in Statistics and Economics at the College of the Bahamas, a Lecturer in Economics and Banking & Finance at the University of Wales Institute of Science and Technology in Cardiff, Wales, and a Teaching Assistant and Lecturer in Economics at Iowa State University.

Mr. Deveaux is the current Chairman of the Group of Financial Services Regulators and also serves as Chairman of the FTAA Negotiating Group in Services.  He is also a member of The Bahamas Trade Commission.

For more information please contact: Ms. Mechelle Martinborough

Telephone: (242) 356-6291/2

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