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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Minister of Financial Services and Local Government, the Hon. Hope Strachan, delivers welcome remarks during the Caribbean Group of Securities Regulators Conference and Workshop held on Wednesday, April 20, at the British Colonial Hilton. (BIS Photo/Derek Smith)
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NASSAU, The Bahamas – To the theme, Regional Capital Market Development and Regulation -- the 12th Annual Conference and Workshop of the Caribbean Group of Securities Regulators (CGSR), hosted by the Securities Commission of The Bahamas, opened April 20 at the British Colonial Hilton.
Minister of Financial Services and Local Government, the Hon. Hope Strachan welcomed the group and commented that “a well regulated industry that adheres to international standards and best practices, makes my job of promoting The Bahamas as a jurisdiction of choice for financial services that much easier.”
She said, “In the past decade, the financial services sector has been significantly transformed. The Bahamas, like many other International Financial Centers (IFCs) in the region has responded to the worldwide effects of the global financial crisis.”
Throughout the crisis, she noted, The Bahamas has not only demonstrated its resilience and determination to remain relevant and competitive for the future, but also that the efforts made to meet compliance with international regulatory standards exceed the set standards: this, she said, helps to improve the reputation of the country and other IFCs in the region.
Delegates of the Caribbean Group of Securities Regulators Conference and Workshop held on Wednesday, April 20, at the British Colonial Hilton. (BIS Photo/Derek Smith)
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She stated despite these efforts, there continues to be a need to protect financial jurisdictions from being ‘blacklisted.’
“There continues the critical need to monitor jurisdictions with IFCs in the region such as the Bahamas, to protect and defend continuing attempts to blacklist these jurisdictions,” said the Minister. “These attacks are ongoing and it seems are possible at any given time from any given country.
She said that these ‘lists’ have the potential to cause ‘untold’ damage to the financial services sector in The Bahamas and throughout the region unless appropriate actions are taken to rectify the situation before it actualizes.
“We have to continue to work together to strategize action plans towards resolving these matters and to sustaining our financial stability. We must take every opportunity to display the actions of the regulators in order to silence the voices of critics who continue to label IFCs in the region as tax havens.”
Also delivering remarks was Executive Director, Securities Commission of The Bahamas, Ms. Christina R. Rolle.
“The Securities Commission of The Bahamas (the Commission), in taking up the post of chair of CGSR, is committed to the advancement of securities and capital markets oversight in the region and to realising tangible improvements in how we interact and cooperate on securities regulatory matters of mutual interest,” said Ms. Rolle.
She said that the CGSR forum provides the opportunity to collaborate for improved technical capacity and facilitates the high-level discourse essential to unifying and strengthening the sector.
The agenda for the conference and workshop includes panel discussions and presentations on a cross-section of topics including, ‘Challenges faced in the Development of small Island Nations’; ‘Risk Outlook for Caribbean Capital Markets’; ‘Public-Private Partnerships for Infrastructure Development’
and ‘Payment and Securities Settlement.’
© Copyright 2016 by thebahamasweekly.com
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