Functions - Securities Commission of The Bahamas

Pursuant to the Securities Industry Act, s. 12, the functions of the Commission are to:

  • advise the Minister on all matters relating to the capital markets and its participants.
  • maintain surveillance over the capital markets and ensure orderly,fair and equitable dealings in securities.
  • foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets.
  • protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices.
  • promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing.
  • create and promote conditions that facilitate the orderly development of the capital markets; and.
  • perform any other function conferred or imposed on it by securities laws or Parliament.

In the exercise of its functions, the Commission is to satisfy itself that the provisions of the Financial Transactions Reporting Act, 2000 (FTRA) and any other Act or regulation administered by the Commission are being complied with.

Pursuant to the Financial and Corporate Services Providers Act, 2000 (FCSPA) s. 11 (3), the functions of the Inspector of Financial and Corporate Services are:

  • to maintain a general review of financial and corporate services in The Bahamas.
  • when an examination is deemed necessary by the Inspector, at the expense of licensee, to conduct on-site and off-site examinations of the business of the licensee for the purpose of satisfying himself that the provisions of the FCSPA, the FTRA, the International Business Companies Act and any other law are being complied with and in such cases where the Inspector is unable to conduct such examination, to appoint an auditor, at the expense of the licensee, to conduct such examination and to report thereon to the Inspector.