SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE: Unauthorized offerings to Public – Certificate in Offshore Funds Administration

May 5, 2000

It has come to the attention of the commission that several institutions are offering programmes which purport to lead to a certificate in offshore funds administration.

The public is advised that the commission as the sole administrator of Mutual Funds Act, 1995 and the Securities Industry Act, 1999 has neither established any minimum standards for individuals employed in the mutual fund industry nor approved any educational programmes for mutual fund administration to date.

The public is further advised that participation in these programmed, which may or may not be beneficial to fund administrators, should be used for personal edification purposes only.

For more information please contact: Mr. Hillary H. Deveaux

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