Regulatory Alerts2024-10-02
Added · Updated
Public Notice No. 12 of 2024 – RIA Company Ltd.
The Securities Commission of The Bahamas exempts RIA Company Ltd. from the ongoing obligations of a public issuer and designates it as not a public issuer under the Securities Industry Act, 2024. This exemption and designation are conditional on RIA not issuing shares to non-individuals and ensuring the number of beneficial owners does not exceed 200 security holders. The orders, effective from 14 August 2024, were granted after the Commission determined the application was not prejudicial to the public interest.
SECURITIES COMMISSION OF THE BAHAMAS NOTICE OF EXEMPTION No. 12 of 2024 2 October 2024 RE: RIA COMPANY LTD. This NOTICE is issued by the Securities Commission of The Bahamas (the Commission) pursuant to section 197(2) of the Securities Industry Act, 2024 (SIA, 2024). The public is advised that, pursuant to section 197(1) of the SIA, 2024, the Commission has exempted RIA Company Ltd. (RIA/the Company) from meeting the ongoing obligations of a public issuer. Further, pursuant to Section 198(1)(a) of the SIA, 2024, the Commission has ordered that RIA Company Ltd. is not a public issuer. Both the Exemption Order and Order of Designation are granted on the condition that RIA does not issue any shares to persons that are not individuals and that the number of beneficial owners of the Company does not exceed two hundred (200) security holders. RIA Company Ltd. is incorporated under the provisions of the International Business Companies Act, 2000 and is registered under the Act to manage securities effective 8 December 2016. Copies of the Exemption Order and Order of Designation are attached to this Notice.
No. 1 of 2024 The Securities Industry Act, 2024 (No.39 of 2024) EXEMPTION ORDER In accordance with Section 197 of the Securities Industry Act, 2024 the Securities Commission of The Bahamas (“the Commission”) hereby exempts RIA Company Ltd. from the ongoing obligations of a public issuer under the Securities Industry Act, 2024 on the condition that RIA does not issue any shares to persons that are not individuals and that the number of beneficial owners of the Company does not exceed two hundred (200) security holders. Dated: 14th day of August 2024 Christina Rolle Executive Director
No. 2 of 2024 The Securities Industry Act, 2024 (No.39 of 2024) Order of Designation THE APPLICANT, RIA COMPANY LTD. (“RIA” or “the Company”) having applied to The Securities Commission of The Bahamas (“the Commission”) for an exemption from the obligations of a public issuer, the Commission having considered the applicant’s request and the following matters: i. RIA Company Ltd. has an excess of fifty (50) shareholders. ii. RIA Company Ltd. has not issued and does not intend to issue its shares to the Public; and iii. RIA Company Ltd.’s constitutive documents restrict the right to transfer its shares. AND THE COMMISSION not having found the application to be prejudicial to the public interest. THE COMMISSION HEREBY ORDERS pursuant to Section 198(1)(a) of the Securities Industry Act, 2024 that RIA Company Ltd. is not a public issuer on the condition that RIA does not issue any shares to persons that are not individuals and that the number of beneficial owners of the Company does not exceed two hundred (200) security holders. This designation shall take effect from 14 August 2024. Christina Rolle Executive Director