Following the enactment of critical financial bills last year, the Securities Commission of The Bahamas (SCB) said it saw a 39.7 percent increase in fees income in 2018.
Fee income increased from $5.22 million in 2017 to $7.29 million in 2018, according to the SCB’s audited financial statement that was included in its annual report and tabled in Parliament on Wednesday.
It’s all a part of the Commission’s strategic goals to reach financial independence and self-sustainability by 2020.
“The Commission’s income is mainly generated from fees charged to licensees, registrants and applicants under the Securities Industry Act, 2011 (the SIA), the Investment Funds Act, 2003 and the Financial and Corporate Services Providers Act, 2000 as well as funding from the Government of The Bahamas (the government),” the report said.
“The Commission’s strategic goals for the 2018-2020 period include financial independence and self-sustainability. To help advance this goal, the Commission enacted the Securities Industry (Fee) (Amendment) Rules, 2018 and the Investment Funds (Amendment) Regulations, 2018.”
At the same time that SCB saw an increase in income, operating expenses increased by 16.8 percent from $6.65 million in 2017 to $7.76 million in 2018.
“This increase was mainly attributed to a $0.57 million increase in professional fees as the Commission pursued its various strategic goals, including a consultancy for the implementation of risk-based supervision,” the annual report noted.
“The Commission also focused on the enhancement of its legislative framework, which included the development of a regulatory framework for digital assets. This specific initiative resulted in the drafting of the Digital Assets and Registered Exchanges Bill, 2019.”
The SCB ensures compliance with laws that govern local financial markets.