Bahamas News
The Bahamas adheres to the highest levels of financial services regulation
#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)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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