The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Securities Commission’s executive director yesterday said work was “progressing” on the overhaul of the Investment Funds Act, although she was unable to provide substantive details on the reforms.

“It’s something that we are  actively engaged in right now. That work is progressing,” said Christina Rolle. “I would say that around September we will be in a better position to really talk about what we are actually putting forward.”

The Securities Commission held an industry briefing at the British Colonial Hilton yesterday, following the official launch of the project to overhaul the Investment Funds Act, in order to strengthen regulation of the sector and improve competitiveness.

The project was launched on July 1 with the engagement of Gonsalves Sabola Chambers as the drafting consultant, and Graham, Thompson and Company as the technical consultant.

   Ms  Rolle said the investment funds industry has been an area of growth for this nation’s financial services sector in recent years.

The number of licensed or registered investment funds has seen an average annual increase of 10.8 per cent over the years 2013 to 2015, with 885 licensed or registered funds at 31 December, 2015. 

According to the Commission, the number of licensed/exempted investment fund administrators operating in or from the Bahamas rose by 6.5 per cent to 66 during 2015, following several years of stagnation.