Swiss America Securities Ltd. (SASL), which is now Mint Broker International Ltd., is under the microscope of the Securities Commission of The Bahamas (SCB), having to close its doors for five days, according to a notice on its suretrader.com website.
According to Swiss America Securities staff who wished to remain anonymous, they were ensured that the order by the SCB would not affect their job status or salaries.
A note to the employees received by Guardian Business stated: “The Securities Commission of The Bahamas has notified the firm that pursuant to sections 133 (1)(b) and (f) and 133 (3) of the Securities Industry Act, 2011, SASL’s continued registration under the act is suspended for five days, ending Tuesday, September 24.”
Section 133 (1)(b) and (f) and 133 (3) of the Securities Industry Act explains: “If the commission considers it in the public interest to do so, the commission may upon request, upon a settlement with the person or after a hearing, order a person, a class of persons or all persons to cease trading a security, a class of securities or all securities; impose conditions or restrictions on a registration, or suspend or revoke a registration.
“If the commission considers it necessary and in the public interest to do so, the commission may, without providing an opportunity to be heard, extend an order made under subsection (1), other than an order under subsection (1)(h), (i) or (j), that is effective for not more than 15 days.”
Executives of the SCB would not say why the firm was shut down for five days.
Swiss America Securities Ltd. was fined a total of $120,000 last year for several breaches, including breaches in maintaining documents and records; verifying client accounts; conducting know your customer protocols; conducting risk monitoring of clients; delivering details of insurance coverage; obtaining written consent for transactions affecting financial resources; notifying the SCB of outsourcing agreement; and notifying the SCB of a name change for SASL and not notifying that name change at a meeting.