Bahamas regulator publishes supervisory-review service standards

From 1 September 2026, regulated firms in The Bahamas can measure examinations and remediation against service targets published by the Securities Commission of The Bahamas.

The standards cover notice, fieldwork meetings, draft and final reports, entity responses, remediation correspondence, closure notifications and cost assessments.

A one-month examination notice

For a full-scope examination or a focused AML/CFT/CPF and CRS examination, the Commission ordinarily will give written notice 30 days before the proposed start of fieldwork. For-cause examinations may proceed on shortened notice or without notice.

Fieldwork will include an entry meeting on its first day and an exit meeting, at which findings are presented, on its final day. The Commission aims to issue a draft examination report within 10 working days after fieldwork ends.

Entities will have 5 working days from issuance of the draft report to respond. The Commission then aims to issue the final report within 5 working days of receiving the response or the expiry of the response period. The Supervision Department will be copied on both reports.

Remediation and performance

The Commission aims to commence remediation, including issuing the Initial Follow-Up Transition Report and the Work Plan, within 5 working days after the final report. It will acknowledge entity correspondence within 5 working days and provide a substantive response, or request further information, within 10 working days.

The standards also cover review of a High severity containment and risk-mitigation plan, determination of an extension application within 5 working days of receiving a complete application and closure notification within 10 working days of the final remedial action receiving a satisfactory completed rating.

Where the Commission assesses charges under the applicable Act, it aims to issue the cost assessment within 20 working days after the final report.

These are administrative commitments rather than new legal or supervisory obligations. They do not create legal rights or obligations, limit the Commission’s statutory powers or discretion, or override the time required for an examination, investigation or enforcement process where a proper regulatory decision requires it.

The timelines use working days, excluding Saturdays, Sundays and public holidays in The Bahamas. They run from the day after the triggering event unless the standard provides otherwise. Each standard is conditioned on the entity’s cooperation: delays in producing documents, samples, information or explanations, making personnel available or otherwise supporting the process suspend the affected timeline, without suspending the entity’s own obligations or deadlines.

The Commission aims to meet each standard in at least 90% of cases in each calendar year, measured net of suspensions caused by entity delay. It will report performance annually in a form it approves.

The standards take effect on 1 September 2026. The Commission’s annual performance report is the identified record for assessing how it applied each standard after that date.