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.”