Prime Minister and Minister of Finance, the Hon. Philip Davis led debate in the House of Assembly on Wednesday on the Securities Industries Bill and the Digital Assets and Registered Exchanges Bill.
Mr. Davis told Parliamentarians, “this bill fully establishes the Commission’s broad ability to access records and request information and investigations. Within this bill the governing structure providing oversight for public issues is strengthened including the requirement to separate the roles of Chairman and CEO. A major update introduced by this bill is a new regulatory approach to overseeing the trade of derivatives for every registered firm, counterparty or other persons participating in the trade of derivatives. This is significant as it establishes the expanded possibilities for derivatives markets as we promote new ways of investing and doing business within our borders.”
The bill allows digital assets to fall in the same category as securities. “This change complements the Digital Assets and Registered Exchanges Act further strengthening the supervisory role of the Commission in relation to digital assets like cryptocurrencies. The Commissions ability to enforce compliance and hold those in breach accountable will also be strengthened,” Mr. Davis said.
The Prime Minister added, “we are global leaders in financial services precisely because we never rest on our laurels. It was The Bahamas that launched the first Central Bank digital currency, the Sand Dollar, in the world. We were the first country to research the economic value of seagrass meadows and will now soon monetize blue carbon credits by the end of next year as a result of our world leading research. And we boast in world leading updated regulatory regime and legislative framework for investments, capital markets, financial services and digital assets.”
The Securities Industries Bill and Digital Assets and Registered Exchanges Bills expand and enhance the powers of the Securities Commission and provide deeper clarity on investment powers amongst other things.
