In a consistent effort to improve its value proposition to investment managers and service providers, the Bahamas has continued to fine-tune its legislative framework, pandemic notwithstanding. The changes expected will support the growing trends witnessed within the financial services industry, both in the Bahamas and on a more global scale.
Throughout what has been an unimaginable 2020, the Bahamas’ legal and regulatory framework supported the shift to remote working which was driven by the global pandemic. Kevin Moree, partner at McKinney, Bancroft & Hughes notes: “The Bahamas financial industry has demonstrated its resilience and adaptability throughout the pandemic. It supported the continuation of services and facilitated businesses and corporations as they transition further into the digital sphere.
“This unprecedented event has seen firms employing e-business methods, electronic communications and electronic signatures and contracts under the provisions of the Electronic Communications and Transactions Act. This law was enacted in 2003 but is now more than ever crucially relevant due to the restrictions on travel.”
The growing use of technology, motivated by the pandemic is expected to persist across the financial services industry globally, including the Bahamas. Christel Sands-Feaste, partner at Higgs & Johnson comments: “As a result of the Covid-19 pandemic and international initiatives there will be an increased use of technology, consolidation of participants in the industry and more stringent regulation.” Read more >>