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Session No. 2006

Bill No. 44

Hon. Vincent Peet

or a Member of Parliament

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AN ACT TO AMEND THE

CENTRAL BANK OF THE BAHAMAS ACT

Enacted by the Parliament of The Bahamas.

Short title

th January, 20071.(1) This Act may be cited as the Central Bank of the Bahamas

and com-

(Amendment) Act, 2007.

mencement.

(2) This Act shall be deemed to have come into force on the 2nd

day of January, 2007.

Amends

2. Section 38 of the Central Bank Act is amended by the

section 38

addition of the following as new subsection (9) -

of Ch. 351.

employees,agents or advisors may cooperate

with, including, by sharing information that has been

acquired in the course of exercising any functions under

this or any other law, any other regulatory

authority in The Bahamas where it is considered by the

Governor

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that such cooperation or information may be relevant to

the functions of such other regulatory authority or as a

necessary part of a framework for consolidated supervision,

oversight or regulation of the financial services sector.”

“ (9) The Bank, through any of its directors, officers,

OBJECTS & REASONS

This Bill seeks to amend the Central Bank of The Bahamas Act, Ch. 351 to

enable the Bank to cooperate with other regulatory authorities in The

Bahamas where the Governor considers such cooperation to be relevant

to the functions of the other regulatory authority.

 

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