SCB which stands for the Securities Commission of the Bahamas is a regulatory authority in charge of overseeing the financial and monetary activities of forex brokerage firms, financial institutions, investment and securities providers, and the overall health of the financial markets. Ever since its establishment in 1995, the organization has taken every opportunity to solidify the integrity of the financial markets in the Bahamas by ensuring that every transaction is transparent and above board, all the lawbreakers are pursued and prosecuted, and fair dealing practices are a priority for the safety and security of the participants. SCB also engages in market surveillance, enforcing laws and regulations for investors and providers, providing education relevant to investment and precautionary measures, and reducing the overall systemic risks in the hope of creating a trustworthy business environment for all.
The Financial and Corporate Services Providers Act, 2000 has enabled the organization to regulate and license the financial and corporate service providers, as of January 1st, 2008. Additionally, the Securities Industry Act, s. 12 empowers this supervisory entity to counsel the Minister, make certain of fair dealings in securities markets, fight against financial misconduct, crimes, or risky activities, execute functions dictated by security laws or the Parliament, and ensure that the Financial Transactions Reporting Act, 2018 (FTRA) as well as other included Acts are observed. On top of everything, SCB is obliged to examine and keep records of the financial corporate services and run an on-site/off-site investigation into any individual or company that requires further examination. Other important Acts that the organization abides by, include the Securities Board Act, 1995, the Securities Industry Act, 1999, the Securities Industry Act, 2011, the Investment Funds Act, 2019, and the International Business Companies Act.
The Securities Commission of the Bahamas (SCB) is responsible for surveilling the financial requirements and solvency of SCB regulated companies, individuals, and forex brokers for security purposes, regulating all the financial service providers, taking all the necessary measures to reduce any risk or conflict of interests, and pursuing those who blatantly violate the laws and provisions for personal gain. SCB also acts as a sound advisor to the Minister by recommending useful laws and solutions. Other noteworthy duties of SCB include providing guidelines, notices, and policies regarding the enforcement of the laws, as well as demanding the required documents from a licensee for an investigation. SCB understands that prudent investors and clients only do business in the most secure trading environment. To that end, the organization spares no effort to protect said participants – a precise approach to help inspire confidence in the financial and capital markets of the Bahamas. Like any other good and law-abiding financial supervisor, SCB takes the high road in terms of doing its duties to become one of the best financial services sectors in the industry.