The Securities Commission of The Bahamas announced yesterday the appointment of Dave Smith as executive director, effective March 1, 2012.

Smith succeeds Philip Stubbs, who has been acting in the capacity of interim executive director since September 1, 2010. Stubbs will continue to serve as chairman of the commission, having been appointed to this position for a five-year period effective July 1, 2007.

In a press statement released by the commission on Wednesday Stubbs said: “We are pleased with the appointment of Dave Smith, and feel confident in his ability to continue work towards the commission’s mandate and its strategic goals.”

Smith has over 28 years of experience within the financial services industry. He holds a BA in Business Administration and an MBA from Taylor University, Upland, Indiana. His other professional accomplishments include: qualification as a certified public accountant; fellow of The Bahamas Institute of Financial Services; and fellow of The International Compliance Association.

Stubbs stressed that the commission is “committed to continuing its on-going initiatives,” noting in particular those related to its 2010-2012 strategic goals, which include the implementation of the Securities Industry Act, 2012, and strengthening the regulatory infrastructure and framework for the securities and capital markets.