The Securities Commission of The Bahamas recently published via its website an updated list of the examinations it will accept when evaluating whether individuals have the appropriate education and experience for registration to perform securities business in The Bahamas, a commission press release revealed yesterday.
Individuals who were registered under less stringent requirements and who do not meet the new standards will be granted a grace period of 18 months from today to complete the necessary education, according to the commission. The commission will also consider experience earned when determining if an upgrade of educational requirements is needed.
The former list was published in March 2004 and had not been formally updated until now. The new list identifies the examinations the commission recognizes for each category of individual registration provided for in the Securities Industry Act, 2011 (SIA). The categories of registration for individuals are: chief executive officer, compliance officer, trading representative, advising representative and discretionary management representative.
In addition to examinations for registrable activities, the commission has also indicated which examinations it will recognize when approving money laundering reporting officers (MLROs) to act for
securities firms. The commission approves MLROs for broker/dealers, investment advisors and other securities firms for which it is the primary regulator. The MLROs are required to be registered with the Financial Intelligence Unit.
Securities laws require individuals to have the education and experience reasonably necessary to perform activities that require registration (Securities Industry Regulations, 2012, regulation 59), and empower the commission to determine which examinations it accepts in the assessment of educational requirements (Securities Industry Regulation, 2012, regulation 58).
The commission, which is the regulator for the investment funds, securities and capital markets, reviews the fitness and propriety of individuals seeking to conduct securities business in The Bahamas to protect investors, market integrity and the reputation of the jurisdiction.

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