Securities Commission Responds to Industry Concerns

The Securities Commission of the Bahamas (SCB) has issued a notice to its registrants and licensees concerning transitional provisions for investment funds and investment fund administrators existing prior to the promulgation of the new Investment Funds Act. Specifically covered in the notice were matters relating to "Exempt Funds", as previously existed under the former Mutual Funds Act, 1995.

Preexisting registrants and licensees are required to comply with transitional provisions under the Act within nine months, but the Commission has indicated that a decision will be made within the week as to the necessity of extending the deadline for a further period.

On the matter of funds exempt under Section 3 (6) of The Mutual Funds Act, and the requirement for registration pursuant to Section 3 (2) of the new Investment Funds Act, industry participants have been advised that Section 64 of the new Act provides that they may apply for a waiver from any requirement of