Financial Services Secures ‘Landmark’ Status
Nassau, The Bahamas – The Ministry of Finance announced on January 10 the progress of the Bahamas’ Financial Services Industry through the securing of membership with the International Organisation of Securities Commissions Organisation (IOSCO), with (A) status. The new status provides investors with tools to optimise financial growth in capital markets in Brazil and other parts of the region through The Bahamas. The membership also guards the investor from becoming confined and overwhelmed by OECD policies, which could direct them into undesirable investments.
State Minister Ryan Pinder described the upward movement as, “… truly a landmark decision for The Commonwealth of The Bahamas; a landmark achievement in the financial services sector.”
Mr. Pinder congratulated the Securities Commission inclusive of its leadership, staff and executive team. He also recognised and congratulated Paul Winder, Chairman of the Bahamas Financial Services Board, who worked for over a year from the private sector to ensure The Bahamas emerges into the global capital market.
“This announcement is proof and demonstrates the tight cooperation that we have started to develop and continue to develop between not only the private sector but with the regulators and Central Government; The process starting with the passing of the Securities Industries Act…and then the march on by the regulators to put everything in place to ensure that ultimately we achieve IOSCO (A) status,” said Mr. Pinder.
“What does this mean to The Bahamas though? what does this mean to our financial services industry? It now puts us not only on an even playing field, but puts us at a competitive advantage to many of our competing jurisdictions. Many of you would have heard me speak about and heard us champion with the private sector, markets such as Brazil, Panama, and others throughout Latin America, as a key focus for the development of the sector and the private sector.”
He said that achieving IOSCO’s (A) status is allowing The Bahamas to bring all the hard work and all the dedication to raising the profile of The Bahamas as a pre-eminent financial centre, if not in this hemisphere, the world, and bring that business to fruition.
“We now have no regulatory obstacles from those countries. We are recognised as a pre-eminent jurisdiction for international best practices and securities regulation,” said Minister Pinder.
He said in those jurisdictions, many of the regulatory impediments to doing business are being moved and in recent months tremendous interest from clientele throughout Latin America has been seen, with some of the pre-eminent personalities looking to do business in The Bahamas.
“We will now certainly do business with them, and many others, as we raise the financial services sector to new heights,” said the minister.
Mr. Pinder said that membership with IOSCO has widespread implications.
IOSCO provides a medium to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.
By Gena Gibbs
BAHAMAS INFORMATION SERVICES
Financial Services IOSCO
Pictured from Left to Right: Laverne Thompson, SCB Manager; Paul Winder, Chairman of Bahamas Financial Services Board (BFSB); Mrs. Tonya Bastian Galanis, Chairman of the Securities Commission; The Hon. Michael Halkitis, State Minister for Finance; The Hon. L. Ryan Pinder, Minister of Financial Services; Dave Shannon Smith, Executive Director of the Securities Commission of The Bahamas; and SCB Legal Counsel Michelle Martinborough.