The Bahamas has achieved "A" Signatory status to IOSCO
as of January 2013, signifying the highest level of compliance with
international standards for the jurisdiction's securities
regime.
The International Organisation of Securities Commissions
("IOSCO"), of which the Securities Commission of The
Bahamas is a member, sets international standards for securities
regulation. By a Multilateral Memorandum of Understanding
("MMoU"), in 2002 IOSCO had established 38 objectives and
principles of securities regulation regarding cooperation and
exchange of information between member jurisdictions. The Bahamas
had "B" Signatory status to the MMoU. Elevation to the
"A" Signatory status now signifies full compliance with
those objectives and principles. From an industry perspective, the
"A" status is important to facilitate Bahamas-based
securities service providers and operators fully accessing certain
markets, such as Brazil.
Central to The Bahamas' efforts to attain the "A"
Signatory status were legislative reforms enacted by the Securities
Industry Act, 2011, which was a part of major commercial law
reforms undergone in this jurisdiction during 2011. The major
commercial law reforms of 2011 were extensive and represented the
most comprehensive legislative action in support of The
Bahamas' financial services sector since year 2000.
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