COMMISSION PROFILE

The Commission is charged with the overall responsibility of administrating the Securities Legislation. The Commission members meet once a month to deal with broad issues such as policy formulation, approving or denying licensees and other such matters.

Membership of the Commission consists of a Chairman, a Deputy Chairman and members not to exceed seven, all of whose appointments are discretionary to the Minister of Finance.  The Chairman holds office for a period of five (5) years. The Deputy Chairman and other Commission members hold their offices for a period not to exceed four years. All Commission members including the Chairman are eligible for reappointment.

The Governor of the Central Bank, Registrar of Insurance and the Executive Director, through legislation, are ex-officio members of the Commission.

Presently, the only statutory requirement for membership is that members are chosen to serve on the Commission based on their experience and expertise in the disciplines of commerce, law, finance, economics and administration.

The Executive Director, who is accountable to the Commission, is responsible for the day-to-day operations of the securities legislation and manages the Commission Staff. 

The Commission’s personnel operate from the following Departments:

•  Executive
•  Corporate Affairs Division
•  Human Resources Department 
•  Inspections Department

•  Legal Counsel Office

•  Market Development Division

   (comprised of the Market Surveillance Dept. & Authorizations Dept.)

•  Policy & Research Department

The Commissions’ activities are inclusive of, but not limited to the following: 

1. Reviewing prospectuses for financial and legal compliance;

2. Processing of applications for registration;

3. Supervising and regulating the Exchange and market participants;

4. Responding to complaints/inquiries from investors;

5. Conducting investigations and other such matters;

6. Preparing matters for referral to the Commission;

7. Responding to and co-operating with other securities regulators.

To date, the Commission employs thirty-five (35) permanent individuals.

FINANCING

The Commission is financed primarily through fees collected from licensing, registration and filing fees levied on market participants in addition to an annual subvention received from the Government of the Bahamas. However, it is the future goal of the Commission to become self-funded.