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The Bahamas adheres to the highest levels of financial services regulation

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#Bahamas, April 14, 2018 – Nassau – The Bahamas prides itself on adhering to the highest levels of financial services regulation, Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said at the Americas’ Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.

“In the year 2000, The Bahamas began to transform itself from a private banking centre into a true International Financial Centre by passing modern legislation designed to make it easier for our jurisdiction to exchange information with other jurisdictions and regulators,” DPM Turnquest said.

“This is not, as you all realize, an isolated event, but rather a continuous exercise in strengthening legislation to ensure that we maintain international best practices when it comes to Know Your Customer, Anti Money Laundering and Combating the Financing of Terrorism.”

He said Successive Governments of The Bahamas through policy and action have sought and will continue to pursue best practices when it comes to ensuring the legality and transparency of the financial services sector.

“The regulatory bodies that are charged with monitoring these regulations include the Central Bank of The Bahamas for Banks and Trust companies, the Insurance Commission of The Bahamas for insurance companies and the Securities Commission of The Bahamas.”

DPM Turnquest said the Bahamian markets are young in comparison to some other markets.  He explained that one of the first equity offerings was that of the Finance Corporation of The Bahamas, also known as FINCO, which sold some of its ordinary shares to Bahamians in the 1960s.  “This was followed by several more offerings, mainly by commercial banks and insurance companies.

“With the recognition that economic growth in a modern economy depends on an efficient and effective financial sector that is able to bring together domestic savings to mobilize capital for productive projects, the modern era of the Bahamian Capital Markets began with the creation of The Bahamas International Securities Exchange or BISX and subsequently with the establishment of the Bahamas Central Securities Depository or BCSD.”

The DPM said BISX was incorporated in September of 1999, interestingly about one month after the by-laws of ACSDA were established, and only eight months later in May 2000, BISX was formally registered as a Securities Exchange and began electronic trading (at the premises of the Exchange) with nine securities listings and two broker dealers.

He said at the time the nine listings were all ordinary shares and their combined market capitalization was approximately $820 million.  BISX is registered with the Securities Commission as a Marketplace and is the only such registered entity in The Bahamas.

DPM Turnquest said, “Today, BISX has grown its domestic market to include 52 securities that are listed and traded electronically by its five broker dealer members.

“The securities listings now include in addition to ordinary shares, preference shares and debt instruments with a total value of over $5.2 Billion.”

He said two of these securities are Bahamas Depository Receipts with the underlying securities being a NASDAQ listed company and a Toronto Stock Exchange listed company.  The exchange also maintains a facility for the listing of mutual funds and currently has over 50 mutual fund listings with assets under management of over $4.5 billion.

The DPM said in 2009, BISX and two of its Brokers, Royal Fidelity and CFAL Securities Limited collaborated to create the Bahamas Central Securities Depository or BCSD; the host for this conference. BCSD is registered with the Securities Commission of The Bahamas as a Clearing Facility.

“Since beginning operations in 2009, BCSD has worked steadily to increase the number of services offered to the Bahamian Capital Markets and they are working to improve the level of sophistication for the delivery of those services.   He said the BCSD has grown with the addition to registry services to include pledging services, and the issuance of Depository Receipts on behalf of companies

DPM Turnquest said, “Our depository is very young, but I know they are very keen to continue to collaborate with groups such as ACSDA to improve their offerings of all manner of registry and depository services, as well as their custody and clearing options to align these with the best practices and standards that groups such as yours promote.”

 

By: Llonella Gilbert

 

Photo Captions:

 

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Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest brings remarks at the American Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.  (BIS Photo/Patrick Hanna)

 

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Delegates listening attentively at the American Central Securities Depositories Association (ACSDA) General Assembly at Atlantis, Thursday, April 12, 2018.  (BIS Photo/Patrick Hanna)

 

 

 

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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