THE Securities Commission yesterday hailed the replacement of the “12-year-old legal framework” that governed the Bahamian capital markets with a new law that took effect on Monday.

Christina Rolle, the regulator’s executive director, said in a statement that the upgraded Securities Industry Act “incorporates feedback from over the past decade, and a thorough review of prevailing international standards and principles, including those endorsed by IOSCO, the FATF, the OECD and the IMF”.

The Securities Commission said the legal reforms have made the securities and capital markets regulatory framework “more robust and agile.” Under the new law, the regulator has full authority to file a criminal complaint, with the changes ensuring The Bahamas keeps pace with international standards and best practices.

“The Securities Industry Act includes a modern regulatory framework for derivatives, potentially enhancing the attractiveness of The Bahamas as a jurisdiction for derivatives business,” the Securities Commission added.