Blog Posts

Requirements for Securities Firm Staff in The Bahamas

Posted by M. Margaret Gonsalves-Sabola | Jun 29, 2018 | 0 Comments

Workers at firms that carry on securities business in The Bahamas must meet certain legal requirements, particularly if they are advising clients about securities. If you are looking for a securities broker or investment advisor, make sure the person you choose is following the law. If you are trying to form a securities firm, review the law to ensure that you will follow it.

The term “securities” generally refers to financial instruments that hold monetary value, such as stocks, bonds, and options. Firms carrying on securities business must be registered to do so or be exempt from registration. These firms usually do some or all of the following: deal in securities, arrange deals in securities, manage securities, or advise on securities.

People who perform securities-related duties for a registered firm carrying on securities business must register with the Securities Commission of The Bahamas. These employees may register as trading representatives, discretionary management representatives, or advising representatives. In addition, all registered firms must register a Compliance Officer and a Chief Executive Officer with the Commission. The chief executive officer must be located in The Bahamas.

Applicants seeking registration with the Commission must meet certain experience and education requirements. They should, at a very minimum, have six months of securities-related experience and successfully completed an examination that the Commission recognizes. Alternatively, they may have ten years or more of securities-related experience. These requirements apply to all applicants for registration as a trading representative, discretionary management representative, advising representative, chief executive officer, or compliance officer.

When seeking registration, applicants must fill out a detailed application requesting personal and employment information, as well as submit a number of supporting documents. Further, non-Bahamians employed by securities investment advisors and broker-dealers must obtain work visas from the Department of Immigration of The Bahamas.

Administrative employees do not have to register with the Commission. These employees' duties may include human resources, clerical tasks, technology and IT.

To find out more about securities law in The Bahamas, visit Gonsalves-Sabola Chambers online or call the office at +1 242 326 6400.

About the Author

M. Margaret Gonsalves-Sabola

M. Margaret Gonsalves-Sabola is a civil and commercial litigation attorney and an accredited civil and commercial mediator. Margaret has over 21 years' experience in legal practice in the United Kingdom, Jamaica and The Bahamas.


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment