Law Reform and Revision Committee Briefs Financial Services on Investment Funds Act Overhaul

Minister of Financial Services and Local Government the Hon. C.V. Hope Strachan was paid a courtesy call July 8, 2016 by the Law Reform and Revision Committee that was commissioned by the Attorney General to brief the Minister on the plan to launch an overhaul of the Investment Funds Act.

During the Financial Services Advisory Council (FSAC) Review of 2012, several deficiencies were noted and the overhaul will address the deficiencies that had been noted.  The benchmarking exercise will focus on the following jurisdictions:  Cayman, Luxembourg, Ireland and the United Kingdom.

The Committee will work with the Securities Commission of The Bahamas to produce a draft.

Margaret Gonsalves-Sabola has been retained by the Securities Commission of The Bahamas as the drafting consultant, and Graham, Thompson & Co. has been retained as the technical consultant.  Minister Strachan welcomed the commission and the focus being brought to bear on the amendments.

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