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Bahamas Overhauls Corporate Services Provider Rules

by Jason Gorringe, Lowtax.net, London
22 March, 2018

The Securities Commission of the Bahamas has released a package of draft legislation in connection with its initiative to modernize the regulation of financial and corporate service providers (FCSPs).

The draft legislation comprises three regulations which are subsidiary to the Financial and Corporate Service Providers Bill 2018, which was the subject of public consultation last year.

When enacted, the three regulations and the Bill are intended to overhaul the legislative regime governing FCSPs by establishing a robust regulatory framework for the industry in line with international standards and best practice.

In particular, the proposed regulatory framework is intended to clarify and establish clear and distinct categories of licensable financial and corporate services activity, establish appropriate standards of conduct and obligations for FCSPs, and establish appropriate capital, financial, and reporting obligations, commensurate with the services being provided.

The Commission is inviting industry, stakeholders, and the general public to review and provide comments on three regulations - the Financial and Corporate Service Providers (General) Regulations 2018, the Financial and Corporate Service Providers (Application) Regulations 2018, and the Financial and Corporate Service Providers (Fees) Rules 2018 - which can be found on the Commission's website. The consultation period is open until April 30, 2018.

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