SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE: Requirement to apply for registration under the Securities Industry Act, 1999 and the Securities Industry Regulations, 2000

August 8, 2000

The Securities Commission of the Bahamas has published a formal Public Notice that registration with the Commission is required of persons and companies that are involved in the securities business who are operating in or from The Bahamas.

In specific terms, a self-employed individual and or a company that gives advice "for fee or reward: with respect to investment in securities must apply for registration as a Securities investment Advisor.  A company that trades with or on behalf of others must apply for registration by the Commission as a Broker-Dealer.

"Registration of those who provide dealing, brokerage and advisor services is a key part of securities regulation as envisioned by Parliament in the Securities Industry Act, 1999." stated Sandra Knowles, Executive Director.  "We are well along in the process of registering companies and individuals who deal in local securities.  This Public Notice is aimed primarily at broker-dealer and advisors involved in non-Bahamian securities and dealing with investors that are located elsewhere and with 'off-shore' institutions located here."

For more information please contact: Mr. Hillary H. Deveaux

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