The Bahamas Securities Commission is a legal instutition established in 1995 under the Securities Board Act. The Securities Industry Act, which defines the mandate of the Commission, was defined in 2011 (SIA, 2011).
The Commission is responsible for the management of SIA, 2011 and the Mutual Funds Act, 2003 (IFA), which provides supervision and regulation of the activities of mutual funds, securities and capital markets. SCB was also appointed as Financial and Corporate Services Inspector effective from 1 January 2008. Another reponsibility of the commission is to manage the Financial and Corporate Service Providers Act 2000.
The mission of the Commission is to effectively supervise and regulate the activities of mutual funds, securities and capital markets, to protect investors and to strengthen public and institutional trust in the integrity of these markets.
The task of the Commission is to advise the minister on all matters relating to the capital market and its participants; to maintain its position on capital markets and to make regular and fair agreements on securities. To encourage the timely, accurate, fair and efficient disclosure of information about capital markets to investors and the public; to protect the integrity of capital markets against fraud arising from financial crime, market abuse and other unfair and inappropriate practices, to create and promote conditions that facilitate the regular development of capital markets; and all other functions assigned to or imposed by securities laws or by Parliament.