The Securities Commission of The Bahamas recently held a celebratory Cocktail Reception at the Balmoral Club in Nassau, to mark its 20th Anniversary. Guests were welcomed by Mrs. Tonya Bastian Galanis, the Commission's chairman and Ms. Christina Rolle, executive director. Mr. John Rolle, financial secretary in the Ministry of Finance, gave congratulatory remarks and proposed the Toast.
Looking at the attendees he said it was an honor to be amongst so many industry pioneers. He noted that not just the commission but the industry as a whole had accomplished much over the past 20 years in terms of development of the financial sector.
"So it's not just the Securities Commission we applaud, but the accomplishments in financial services as a whole and the way we've responded to the international challenges. Even 'though I note the importance of the international markets, I personally always take note of the amount of development over the years in our domestic sector, the establishment of the Bahamas International Securities Exchange (BISX) and the development of new and innovative products."
In her welcome address, Mrs. Bastian Galanis thanked the many committed industry professionals, past and present, for their support over the years, and also the dedicated commission staff, fondly known internally as, 'Commissionites'.
"We are grateful for your support of the commission's objectives to develop a regulatory framework recognized as being at international best standards and that facilitates the orderly growth and development of the markets." Mrs. Bastian Galanis listed some of the industry legislation that had come on stream during the commission's twenty-year history and that it administers on a daily basis.
The Executive Director, marking her own seven-month milestone at the commission, said that based on statistics over the last several years, the commission has continued to see a trending up of the numbers of registered securities firms, investment funds and financial and corporate service providers. "As of June 30th, 2015, the commission is responsible for the oversight of 150 securities firms, 68 investment fund administrators, 835 investment funds, a marketplace, a clearing facility, and 313 financial and corporate service providers," the Executive Director informed.
Ms. Rolle said, "In particular I highlight the investment funds sector, where there has been strong growth of around 12.8 percent over 2013 and 2014. Much of that growth was in the form of SMART funds, an innovation of the Bahamian financial services industry in the early 2000s. I am pleased to say, we are beginning to see the fruit of another innovation of the financial services industry - the Investment Condominium or ICON structure."
Earlier this year, the commission announced that The Bahamas had accepted to Chair the Caribbean Group of Securities Regulators (CGSR) and to host their annual conference and general meeting for the next two years. Ms. Rolle said the commission welcomed the chairmanship saying it presents an opportunity to demonstrate The Bahamas' ongoing commitment to the development of the securities and capital markets. The party was well attended providing a 'who's-who' of prominent financial industry and government representatives. Guests were welcomed with a 'made-for-the-occasion' beverage called the 'regulator', and food selections included a good variety of Bahamian hors d'oeuvres. A musical trio provided a subtle backdrop of well-known tunes that by evenings-end, had guests on the dance floor.
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