Securities Commission of The BahamasB

The Securities Commission of The Bahamas(SCB) , established in 1995 under the Securities Board Act(now repealed), is responsible for regulating and overseeing the financial services industry in the Bahamas.

Its mission is to effectively supervise and regulate the activities of mutual funds, securities and capital markets, to protect investors and to strengthen public and institutional trust in the integrity of these markets.

SCB utilizes market surveillance, regulatory oversight, enforcement of securities laws and its investor education program to protect investors, maintain fair, efficient and transparent markets, and reduce systemic risk.

It is noted that SCB introduced new rules for the regulation of financial services firms providing forex and CFD trading services.

Infinox(License Number: SIA-F188)
TigerWit(License Number: SIA-F185)
Blackwell Global(License Number: SIA-F216)
Trade Nation(License Number: SIA-F216)
Capital Index(License Number: SIA-F199)
Plotio(License Number: SIA_F212)
GQFX(License Number: SIA-F206)
Destek Capital(License Number: SIA-F191)
BAXIA(License Number: N-1879)
TD365(License Number: SIA-F216)
ST Global Markets(License Number: SIA-F120)
Techfin Markets Limited(License Number: 10183528)
Britannia(License Number: --)
IC Markets(License Number: --)
EightCap(License Number: SIA-F220)
Pepperstone(License Number: SIA-F217)
FxPro(License Number: SIA-F184)
ActivTrades(License Number: --)
Acetop(License Number: SIA-F198)

1. Safety of Client Funds:
Segregation of client cash and assets.
(1) A registered firm that holds client assets, including cheques and other similar instruments, must hold the assets separate and apart from its own property and in trust for the client.
(2) A registered firm that holds cash on behalf of a client must hold the cash separate and apart from the property of the firm in a designated trust account with a bank holding an unrestricted license under the Banks and Trust Companies Regulation Act (Ch. 316) or other deposit-taking institution outside The Bahamas as may be approved by the Commission for this purpose.
(3) A registered firm may allow a registered marketplace or clearing facility to hold or control client cash for the purpose of-
(a) a transaction for the client with or through that marketplace or facility; or
(b) meeting the client's obligation to provide collateral for a transaction, provided that the client is notified that the cash may be so held or controlled.

2. Requirement on Forex Brokers' Reports:
Transaction Reports; Audit Reports; Clients Funds Reports; Net Capital Report; anti-money laundering Reports; Employment and Termination of representatives should be reported to the Commission.

Generally speaking, SCB-regulated broker profile will be found at the REGISTRANT LICENSEE page on SCB website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as follow:
1. Find the name of the forex broker, which you can get from the broker's website;

2. Click the 'SIA Registrants' on https://www.scb.gov.bs/registrant-licensee-search/ and search the broker's name in the list;

3. And you'll get the broker's profile details on SCB website. At this time you need to check if the broker can provide regulated activities of 'Dealing in Securities as Principal';

4. If all the above steps have been done, don't forget to check the most important information: check if the firm details published on SCB website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a SCB-regulated broker, you can proceed the following ways:

1st way:The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way:If you're not satisfied with the broker's solution, try to contact SCB in Bahamas, which helps to solve the disputes between the forex broker and the investor.
To submit a complaint you can:
1. Send an email directly to ecomplaints@scb.gov.bs
2. Call the Commission at telephone (242) 397-4100
3. Submit the complaint to the SCB via mail to the Securities Commission’s offices at Poinciana House, North Building, 2nd Floor, 31A East Bay Street, Nassau, The Bahamas or via fax (242) 356-7530.

3rd way:If the first 2 ways above can't solve the dispute, the last way is to issue a case to the court in Bahamas.