Business

SCB accepted as member of IOSCO committee

The Securities Commission of The Bahamas (SCB) received an important international designation recently, after being accepted as a member of the International Organization of Securities Commissions (IOSCO) Committee on Regulation of Market Intermediaries, also known as Committee Three.

According to an SCB statement, Committee Three is just “one of IOSCO’s eight board committees that focus on regulatory issues affecting international securities markets”.

SCB Executive Director Christina Rolle said in the statement that the commission is looking forward to engaging with international regulators on Committee Three and contributing to global policy on regulatory issues.

“Outside of investment funds, the Securities Commission of The Bahamas is largely concerned with the regulation of market intermediaries whose clients, for the most part, invest in international markets through the Bahamas-based registered firm,” Rolle said.

“In this regard, we offer a unique perspective to cross-border activity.”

The statement explained that Committee Three recently published “suitability requirements for the distribution of complex financial products and guidance for regulators on enhancing supervision of intermediaries that hold client assets”.

It added that Committee Three also contributed to “the Financial Standards Board’s recommendations on reducing the reliance of financial intermediaries on the ratings of credit rating agencies”.

The statement also explained that the SCB is a member of IOSCO’s Committee on Enforcement and the Exchange of Information, also known as Committee Four, “which includes membership in IOSCO’s Multilateral Memorandum of Understanding Screening Group”.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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