SCB Publishes "Fast Track" Guidelines

The Securities Commission of The Bahamas (SCB) today issued a release concerning the publication of its Guidelines relating to the fast tracking of applications for the licensing of investment funds that "target accredited or sophisticated investors."

The fast track process provides for the approval of this category of investment funds within 72 hours of receipt of a complete application. The process is facilitated by the elimination of delays caused by the extensive due diligence exercise undertaken in regular applications. While due diligence will still be undertaken, this will now take place following the granting of the licence -- similarly to practices already in place in several competing jurisdictions.