Regulatory Alerts2019-03-14
Added · Updated
Securities Industry (Compliance Officers) Rules, 2019
The Securities Commission of The Bahamas mandates that registered firms appoint a Compliance Officer who is physically present in The Bahamas and presents annual compliance reports to the board. The rules require the officer to maintain seniority, independence, and freedom from conflicts of interest, prohibiting them from holding roles such as CEO or trading representative. While firms may outsource compliance functions, they retain ultimate responsibility and must notify the Commission of the provider's details and qualifications before designation. Outsourcing contracts must specify service terms, grant the Commission access to documents, ensure client confidentiality, and prohibit sub-contracting, though these specific outsourcing provisions do not apply to persons licensed merely to deal in or arrange deals in securities.