Government is being urged to act with haste in promoting its new investment fund legislation in order to “gain ground on our competitors”.
Supporting the Investment Funds Bill, 2019, in the House of Assembly yesterday, Progressive Liberal Party (PLP) Deputy Leader Chester Cooper, who is also the shadow minister of finance, said the updated legislation will keep The Bahamas on the cutting edge in the investment funds global market.
“I am advised though that this legislation positions us to be more competitive; our service providers in the institutional fund services will benefit in a premium way, as would lawyers, accountants and directors whether the actual administrators are in New York, Connecticut or London,” he said.
“The key to our survival in this space, though, will be building expertise, common sense regulations and laws like this one.
“Further, the government must earmark specific resources along with the industry and the Securities Commission [of The Bahamas] to market The Bahamas in the institutional market to promote this new legislation with a view to gaining ground on our competition. Passing legislation alone won’t do it.”
The bill, once passed, would modernize the country’s investment fund product offering, allowing among other things the introduction of an Alternative Investment Fund Managers Directive regime and compliance with European Union (EU) requirements, thereby enabling The Bahamas to qualify for an EU Passport and enabling Bahamian investment funds being offered in member countries.
The bill passed with unanimous support in the House yesterday.