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Bahamas: BFSB & Minister Symonette Visits Swiss Financial Institutions With A Presence In The Bahamas And Hosts Bahamas Forum In London
Hon. Brent Symonette, Minister of Financial Services,
Immigration, Trade and Industry recently along with Tanya
McCartney, CEO and Executive Director of The Bahamas Financial
Services Board , Mr. Michael Paton, Deputy Chairman of the
Securities Commission of the Bahamas and past Chairman of BFSB, Mr.
Ivan Hooper , Co-Chairman of The Association of International Banks
and Trust companies (AIBT) and Indira Munro-Farrington , Marketing
Officer at BFSB, travelled to Zurich and Geneva Switzerland as well
as to London, England from November 26th – December 2nd,
2018. The purpose of the trip was to meet with executives of a
number of the Swiss financial institutions with a presence in the
Bahamas and to host a Bahamas Forum in London for service providers
and intermediaries in the UK financial services sector.
While in Switzerland one on one meetings were held with
officials at UBS Group AG, Credit Suisse Group AG, The Pictet Bank
Group, SYZ Bank, Union Bancaire Privee, Gonet Bank & Trust and
Safra Bank. The delegation provided updates on The Bahamas'
response to the various international initiatives impacting the
financial services sector. It was deemed an opportune time to
inform Swiss executives of the measures being taken by the Bahamas
to address EU, OECD and FATF matters. Further, they were informed
as to the various pieces of legislation slated to be passed during
the month of December. The meetings were positive, and the Swiss
financial institutions shared their strategies for growth in the
Bahamas.
Following the visit to Swiss financial institutions, the Bahamas
Financial Services Board hosted a forum in London focused on the
investment funds and securities industry as well as the overall
Bahamas value proposition. The London forum titled "Spotlight
on The Bahamas" was held at the Reform Club, London on
Thursday November 28th. Delegates attending the event included
financial service professionals, advisers and fund managers from
all throughout the city of London. Opening remarks were delivered
by Minister Symonette who stated that,
"Times are different than when The Bahamas financial
services industry started over eighty-fiver years ago. We recognize
the need to be innovative in our approach in the dawn of
uncertainty to display our strength and commitment as a sustainable
International Financial Centre. This is essential for The Bahamas
as financial services is integral to the sustainability of our
economy."
The forum began with a presentation given by Christina Rolle,
Executive Director of the Securities Commission of The Bahamas. She
provided an in-depth review of the Investments Funds Bill 2018 and
the regulatory environment for investment funds in The Bahamas. She
also provided an update on the Bahamas' implementation of the
AIFMD licensing regime. This was followed by a roundtable
discussion hosted by James Williams, Managing Editor at Hedgeweek.
The panel, which consisted of experienced Bahamian legal
practitioners: Michael Paton, Head of Corporate & Commercial,
Investment Funds, Banking & Securities Group, Lennox Paton,
Ryan Pinder, Partner, GTC, Linda Beidler-D'Aguilar, Partner,
GSO, Heather L. Thompson Of Counsel, H & J, discussed The
Bahamas Value Proposition facilitated a products deep dive
outlining the core products and services and explaining the
business and operating environment in The Bahamas. Themes discussed
included, immigration, fintech, private wealth management, asset
management, banking, trust services and the regulatory environment.
Tanya McCartney, CEO and Executive Director of BFSB stated:
"In light of the various regulatory changes taking
place in the sector, it is important that Bahamian professionals
and service providers meet and interact with their international
institutions and service providers to inform them of what those
changes will be and our strategy for the continued growth and
development of the financial services sector. In the absence of
direct information there is uncertainty which can have a negative
effect if left unchecked. Hence, we met directly with executives of
the Swiss Financial institutions and hosted an event in the city of
London to convey our commitment to adhering to international
standards, provide an update on the products and services being
offered in the jurisdiction and to articulate the evolving Bahamas
value proposition."
During this visit, Tanya McCartney, CEO & Executive Director
of BFSB also paid a courtesy call on to the High Commissioner
Greenslade at the Bahamas High Commission London who was also in
attendance at the London Forum. His Excellency Ellison Greenslade
and his wife welcomed BFSB CEO & Executive Director, during
which time they exchanged pleasantries and updates relevant to the
Bahamas.
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