Updated Legislation Clearly Defines Financial And Corporate Service Providers

Nassau, The Bahamas, 29 January 2021 – The Financial and Corporate Service Providers Regulations gazetted in The Bahamas on 30 December 2020, along with the Financial and Corporate Service Providers Act (FCSP) approved on 4 November 2020, establish a modern, full regulatory, internationally compliant framework with the Securities Commission of The Bahamas as regulatory authority. The legislation updates the two-decades-old legal framework of the prevailing Act in three important areas:

• It provides legal clarity for both corporate and financial service providers;
• It provides much needed legal clarity to the non-bank financial services falling under its remit, in the process creating new entrepreneurial opportunities; and