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Bahamas introduces new funds bill

According to Deputy Prime Minister and Minister of Finance Peter Turnquest, the revised Investment Funds Bill creates an opportunity for growth-friendly legislative framework, unencumbered by unnecessary barriers to entry. Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest addresses a forum hosted by the Securities Commission of The Bahamas. (BIS Photo/Kristaan Ingraham)

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TheBahamasInvestor.com
Wednesday, December 13, 2017
Wednesday, December 13, 2017

According to Deputy Prime Minister and Minister of Finance Peter Turnquest, the revised Investment Funds Bill creates an opportunity for growth-friendly legislative framework, unencumbered by unnecessary barriers to entry.

Turnquest made the comments during the opening address at an industry meeting held by the Securities Commission of The Bahamas. The meeting was held 7 December.


According to the Deputy Prime Minster, the Investment Funds bill is a piece of legislation with the potential to usher in a new era for investment funds in The Bahamas.

The comprehensive, best-in-class regulatory framework has been designed to overcome regulatory gaps and deficiencies in the prevailing Investment Funds Act, 2003, and create new opportunities for the investment funds industry to develop and flourish.

“The overhaul of the investment funds’ legislative framework is coming at a crucial moment for The Bahamas,” said Turnquest. “Undoubtedly, offshore jurisdictions, the world over, have a daunting job competing for their share of the global financial services industry.”

Indications are that domestic economic activity stayed mildly positive during October, with the tourism sector showing signs of improvement, while construction sector output continued to be supported by foreign direct investment-related projects, according to the latest Monthly Economic and Financial Developments from The Central Bank of The Bahamas. Download the report here.

In its Preliminary Overview of the Economies of Latin America and the Caribbean, the Economic Commission for Latin America and the Caribbean notes that the economic growth of The Bahamas hit 1.2 per cent in 2017, as compared to 0.2 per cent the previous year. Read the full review here.

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