SCB


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	Who We Regulate
Our Vision A vibrant, competitive financial services sector that has sound regulatory practices and policies that promotes confidence. Our Purpose To contribute to the growth and development of a financial services sector that is vibrant and competitive.	The categories of registration and licensing under the various pieces of legislation administered by the Commission include: Licensees and Registrants under the Securities Industry Act, 1999 Broker-Dealer: A Broker-Dealer is a company incorporated or registered under the Companies Act, 2000 that administers the services of a broker, a dealer or a broker and a dealer. (i) As a Broker, a Broker-Dealer may provide securities investment advice to the public and must be registered as such by the Commission. (ii) As a Dealer, a Broker-Dealer can trade on a Securities Exchange or deal in securities. Broker-Dealers are categorised into 4 classes, however, only Class I and Class II are currently used. A Broker-Dealer Class I can underwrite securities, however, a Broker-Dealer Class II cannot. Securities Investment Advisor A Securities Investment Advisor can perform the duty of: (i) An Investment Advisor who provides advice to others on investing in or selling securities and/or primarily engages in giving advice as it pertains to the investment of funds; or (ii) A Portfolio Manager who manages securities portfolios for clients with regard to investments. Securities Exchange A company incorporated under the Companies Act, 2000 operating a market or other place in The Bahamas at or on which securities are offered for sale, purchase, or exchange and which is registered by the Commission. A document that provides details about an offer of securities to the public. The prospectus is required to be lodged with and registered by the Commission before the public is invited to subscribe or is issued an application to subscribe for or to purchase securities. Licensees and Registrants under the Investment Funds Act, 2003 Unrestricted Investment Fund Administrator A company licensed as an Unrestricted Investment Fund Administrator has the authority to license and oversee the operations of an unlimited number of Investment Funds. Restricted Investment Fund Administrator A company licensed as a Restricted Investment Fund Administrator can provide Investment Fund Administrator services only to the Investment Funds licensed or registered by the Commission. A restricted licence holder does not have the authority to independently license an investment fund; licensing must be from the Commission. Professional Fund This Fund is available solely to accredited investors. Standard Fund A Standard Fund can only be licensed by the Commission and is generally for those funds that are not categorised as a Professional, SMART or Recognised Foreign Fund. An example is a retail-type Fund. Recognized Foreign Fund This Fund is licensed or registered in a recognised jurisdiction or listed on a recognised foreign exchange as prescribed. Smart Fund Model The Specific Mandate Alternative Regulatory Test Fund, or SMART Fund, is a flexible asset management fund product designed to cater to the specific needs of investors. In this category of fund, both the operational and regulatory structure of the fund are specifically designed by industry participants, subject to approval from the Commission. Licensees under the Financial and Corporate Service Providers Act, 2000 Financial and Corporate Service Provider A person (company or individual) licensed to conduct the business of financial and corporate services in or from The Bahamas. For clarity purposes, the Inspector has adopted the definition enunciated by the World Trade Organization (WTO), which states that financial services include money broking, lending of all types and related services.