What about a Domestic Agenda, Mr. Prime Minister?

“Global Warming!"

There needs to be a true plan of action if real change is to take place in our country - The Bahamas. We need new ways of diversifying our economy so the trickledown effect can become a reality. Innovation needs to be the order of the day. A new day must include not just the Bahamian elites, but every Bahamian as a whole

By: Dr. Kevin Turnquest-Alcena

LLB (Hon-1st Cl.), LLM (Hon-1st Cl.)

PhD in Economics / Ph.D. in Clinical Psychology

Ph.D. in Public Health / PhD in Herbal and Holistic Medicine

Titular Professor

Lawyer & Fellow—FCILEx; ACIArb; & Snr. Fellow–AMLA

“Some say the planet is sick and humans are the virus, it is undeniably we as a species have destroyed this beautiful planet at an alarming rate. Putting aside global warming and climate change, no species is as greedy as the human race, we take more than we need and leave a trail of destruction.”

Global warming! Climate change! Melting glaciers! Rising sea levels! Sinking lands! Eroding coasts! The world is in a panic; fear of the future like the resounding roar of a lion! Scientist predicting a bleak, dark and uncertain tomorrow. It has been said that by 2100 the sea levels would have risen up to 70%, thus being the catalyst for the loss of many coastal regions.

With that said, God has a divine plan for man and this earth He created. He is the God, the Chronos and the Kairos time and because He supersedes time, He controls everything. Genesis 9:11 states, "And I will establish my covenant with you, neither shall all flesh be cut off any more by the waters of a flood; neither shall there anymore be a flood to destroy the earth." Man does not have the capacity to comprehend God or the things He does and thus can never predict the outcome of one's future.

With that being said, it cannot be denied that the drastic effects of climate change have resulted in many countries looking for an outlet to reduce their carbon fingerprint. As a result, a country like Denmark has committed to offering 13.4 million dollars to developing nations damaged by climate change. This excessive damage has resulted in the concept of carbon credits. Carbon credits are carbon allowances giving a company permission to generate 1 ton of CO2 emissions.

Prime Minister Davis, stated that, "We intend to be the first country to offer Blue Carbon Credits... It creates for the first time a framework to compensate The Bahamas for the significant role we play as a carbon sink." However, one must ask, Mr. Prime Minister, will we really receive the compensation being suggested? How will this affect the environment? If you, sir, are truly depending upon other countries to compensate this country, good luck! Like Jeremiah 17:5 “Thus the Lord. Cursed be the man that trusteth in man, and maketh flesh his arm, and whose heart departeth from the Lord."

However, Mr. Prime Minister, while a global agenda is great! The burning questions still remain. What about a domestic agenda? What does your manifesto say in regard to the National debt? How does a $4.2 million dollar travelling budget eradicate the mounting debt? Could not this money have been spent on developing a program focused on decreasing unemployment? May I remind you sir that next June over 5,000 students leaving school, with only 20% going to college. What happens to the other 80% that will be looking for work?

Moreover, what plan is in place to assist those students that are educated yet having difficulty obtaining gainful employment as citizens in their own country? Although it is good to help those that have no options or talents, helping those that do will be an asset.

There needs to be a true plan of action if real change is to take place in our country. We need new ways of diversifying our economy so the trickledown effect can become a reality. Innovation needs to be the order of the day. A new day must include not just the elites, but everyone as a whole.

“Mother earth is crying. We humans have done enough damage and still can’t open our eyes. We are so arrogant that we convince others that we have to save the earth, but earth’s real cancer is human’s behavior. We have to put our ego and arrogance aside and take some serious and strong steps to protect ourselves and our future, or will have to be ready to die sooner or later.”

November 19, 2022 

Source/Comment

The Securities Commission of The Bahamas Takes Control of The Assets of FTX Digital Markets Ltd

Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd.

Securities Commission of The Bahamas Poinciana House

North Building, 2" Floor

31A East Bay Street

P.O. Box N-8347

Nassau, The Bahamas

MEDIA RELEASE

Executive Director FOR IMMEDIATE RELEASE

Christina Rolle

242-397-4100

Nassau, The Bahamas, Thursday 17 November 2022 - On 12 November 2022, the Securities Commission of The Bahamas (“the Commission”), in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (“FDM”) to a digital wallet controlled by the Commission, for safekeeping.  Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM.

Under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”), the Commission has the authority to apply for a judicial order to protect the interests of clients or customers of a registrant of the Commission under the DARE Act.

It is not the understanding of the Commission that FDM is a party to the US Chapter 11 Bankruptcy proceedings.

Over the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders of FDM globally to obtain the best possible outcome.

All About The Securities Commission of The Bahamas

1. The Securities Commission of The Bahamas (the Commission) is a statutory body established in 1995 pursuant to the Securities Board Act, 1995. That Act has since been repealed and replaced by new legislation.

2. The Commission’s mandate is defined in the Securities Industry Act, 2011 (SIA, 2011).

3. The Commission is responsible for the administration of the SIA, 2011 and the Investment Funds Act, 2019 (IFA), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets.

4. The Commission is responsible for the administration of the Financial and Corporate Service Providers Act, 2020.

5. The Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act, 2020.

6. The Commission is responsible for the administration of the Carbon Credit Trading Act, 2022.

7. The functions of the Commission are to: advise the Minister on all matters relating to the capital markets and its participants; maintain surveillance over the capital markets and ensure orderly, fair and equitable dealings in securities; foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets; protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices; promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing; create and promote conditions that facilitate the orderly development of the capital markets; and perform any other function conferred or imposed on it by securities laws or Parliament (SIA, 2011, s.12).

Source

BAHAMIAN PRIME MINISTER'S Communication to The Bahamas Parliament Concerning THE FTX GROUP AND AFFILIATES

Bahamas Prime Minister's Communication to Parliament Concerning FTX

As you know, the FTX group has one entity which is regulated in The Bahamas, FTX Digital Markets Limited. This entity’s registration has been suspended and it was put in provisional liquidation.

HON. PHILIP DAVIS QC, MP

PRIME MINISTER & MINISTER OF FINANCE

COMMONWEALTH OF THE BAHAMAS

16 NOVEMBER 2022

Madam Speaker:

Numerous crypto tokens and companies around the world have collapsed in the past few months, including Terra/Luna, Celsius, 3 Arrows Capital, and Voyager Digital, setting off a series of reverberations.

As you know, the FTX group has one entity which is regulated in The Bahamas, FTX Digital Markets Limited. This entity’s registration has been suspended and it was put in provisional liquidation.

The FTX group and affiliates all now appear to be subject to insolvency proceedings pending in Nassau and in the United States.

There are reports that FTX has mismanaged customer assets, and numerous investigations have begun into the reported actions and actors in several countries, including by our own Securities Commission and the Financial Crimes Investigation Branch. I note that The Bahamas did not have sole oversight of FTX’s worldwide operation.

I have given directions that these proceedings and investigations are to be of the highest order and given precedence, given the amounts involved and because committed and rigorous oversight is of national importance.

We will be coordinating these efforts with duly appointed authorities in other jurisdictions.

A key priority for us, of course, is the full and absolute protection of the rights and remedies of The Bahamas and our citizens, to minimize losses and to mitigate the overall impact caused by any misconduct.

Madam Speaker:

There have been both booms and busts in the world of crypto, and this year has been a significant bust – with total market capitalization falling from $3 trillion to $800 million or lower; the steep sell-offs and declining volumes have led analysts to describe this time as a “crypto winter”. (Meta and Amazon, not crypto companies, of course, but tech companies – have laid off thousands, and also shed significant market cap. These are challenging times.)

I believe, as do many others, that blockchain technology and smart contracts will continue to play an important and growing role in the world’s financial architecture, and further, I have every confidence that The Bahamas will emerge from the proceedings involving FTX – proceedings taking place here as well as in other jurisdictions -- with an enhanced reputation as a solid digital assets jurisdiction.

Based on the analysis and understanding of the FTX liquidity crisis to date, we have not identified any deficiencies in our regulatory framework that could have avoided this.

In fact, it was because The Bahamas already had in place a regulatory framework for digital assets and digital asset businesses, that the regulator was able to take immediate steps in order to protect the interests of clients, creditors, and other stakeholders globally.

The Bahamas was already on track to update the regulatory framework, before year’s end, to address lessons learned as a result of this year’s crypto winter.

No doubt, as the various jurisdictions involved unravel the actions that led to this moment, we will be among the first jurisdictions to gain and put to use valuable insights, allowing us to further strengthen our framework.

What I would ask, Madam Speaker, is for all those who care about our country’s reputation, to tread carefully when they speak about matters that are very complex and still unfolding.

There is a reason that The Bahamas won international praise for the approach we have taken to date on digital assets, and there is also plenty of room to have a healthy debate about the industry, but this is a story that has the world’s attention, and those who use it to mislead and score cheap political points are no patriots.

The Securities Commission of The Bahamas Update on FTX

Securities Commission of The Bahamas Poinciana House

North Building, 2" Floor
31A East Bay Street
P.O. Box N-8347
Nassau, The Bahamas

MEDIA RELEASE
Contact: Executive Director 
Christina Rolle
242-397-4100

Securities Commission Update on FTX

 

Nassau, The Bahamas, Monday 14 November 2022 — On 10 November 2022, the Securities Commission of The Bahamas (“the Commission”) applied to the Supreme Court to appoint Mr. Brian Simms, KC as a court supervised provisional liquidator.  Further, on 14 November 2022, Messrs. Kevin Cambridge and Peter Greaves of PricewaterhouseCoopers (“PwC”) were approved by the Court as joint provisional liquidators.

Given the magnitude, urgency, and international implications of the unfolding events with regard to FTX, the Commission recognized that it had to, and moved swiftly to use its regulatory powers under the Digital Assets and Registered Exchanges Act, 2020 (“DARE Act”) to further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd. (FDM).

Over the coming days and weeks, the Commission expects to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature.

The Commission is the lead authority in The Bahamas conducting the investigations into the events and parties, including, but not limited to, FTX Digital Markets Ltd. (a regulated entity), FTX Trading Ltd., Alameda Research Ltd. and other related entities whose centre of main interest, direction and management were purportedly located in The Bahamas.  The investigations into these events are on-going, and the Commission will extend its full assistance to the police if and when required.

The Mandate of The Securities Commission of The Bahamas

1. The Securities Commission of The Bahamas (the Commission) is a statutory body established in 1995 pursuant to the Securities Board Act, 1995.  That Act has since been repealed and replaced by new legislation.

2. The Commission’s mandate is defined in the Securities Industry Act, 2011 (SIA, 2011).

3. The Commission is responsible for the administration of the SIA, 2011 and the Investment Funds Act, 2019 (IFA), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets.

4, The Commission is responsible for the administration of the Financial and Corporate Service Providers Act, 2020.

5. The Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act, 2020.

6. The Commission is responsible for the administration of the Carbon Credit Trading Act, 2022.

7. The functions of the Commission are to: advise the Minister on all matters relating to the capital markets and its participants; maintain surveillance over the capital markets and ensure orderly, fair and equitable dealings in securities; foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets; protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices; promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing; create and promote conditions that facilitate the orderly development of the capital markets; and perform any other function conferred or imposed on it by securities laws or Parliament (SIA, 2011,s.12).

Source

The Royal Bahamas Police Force (RBPF) Financial Crimes Investigation Branch Investigates FTX Digital Markets Ltd

Chrislyn Skippings

Public Affairs & Communications Department (PACD)

P.O. Box N-458

Police Headquarters

Nassau, The Bahamas

Email: rbpfpaco@ gmail.com

chrislynskippings@ gmail.com

RBPF NEWS RELEASE 6202

 STATEMENT REGARDING FTX

In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.

       

Chrislyn Skippings — RBPF, PACO 13 November, 2022

The Securities Commission of The Bahamas on FTX Withdrawals

Securities Commission of The Bahamas Poinciana House

North Building, 2" Floor

31A East Bay Street

P.O. Box N-8347

Nassau, The Bahamas

MEDIA RELEASE

Executive Director 

Christina Rolle - 242-397-4100

Securities Commission Addresses FTX Statement on Bahamian Withdrawals

The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients.

Nassau, The Bahamas, Saturday 12 November 2022 — The Securities Commission of The Bahamas (the Commission) notes the statement made by representatives of FTX which advised “Per Bahamian HQ’s regulation and regulators, we have begun to facilitate the withdrawals of Bahamian funds.  As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators”.

The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients. 

The Commission further notes that such transactions may be characterized as voidable preferences under the insolvency regime and consequently result in clawing back funds from Bahamian customers.  

In any event, the Commission does not condone the preferential treatment of any investor or client of FTX Digital Markets Ltd. or otherwise.

About The Securities Commission of The Bahamas

1. The Securities Commission of The Bahamas (the Commission) is a statutory body established in 1995 pursuant to the Securities Board Act, 1995.  That Act has since been repealed and replaced by new legislation.

2. The Commission’s mandate is defined in the Securities Industry Act, 2011 (SIA, 2011).

3. The Commission is responsible for the administration of the SIA, 2011 and the Investment Funds Act, 2019 (IFA), which provides for the supervision and regulation of the activities of the investment funds, securities and capital markets.

4, The Commission is responsible for the administration of the Financial and Corporate Service Providers Act, 2020.

5. The Commission is responsible for the administration of the Digital Assets and Registered Exchanges Act, 2020.

6. The Commission is responsible for the administration of the Carbon Credit Trading Act, 2022.

7. The functions of the Commission are to: advise the Minister on all matters relating to the capital markets and its participants; maintain surveillance over the capital markets and ensure orderly, fair and equitable dealings in securities; foster timely, accurate, fair and efficient disclosure of information to the investing public and the capital markets; protect the integrity of the capital markets against any abuses arising from financial crime, market misconduct and other unfair and improper practices; promote an understanding by the public of the capital markets and its participants and the benefits, risks, and liabilities associated with investing; create and promote conditions that facilitate the orderly development of the capital markets; and perform any other function conferred or imposed on it by securities laws or Parliament (SIA, 2011,s.12).

Source

FTX Assets in The Bahamas Officially Frozen - The Company is Now in Liquidation

Thursday November 10, 2022 - Nassau, The Bahamas:  The Securities Commission of The Bahamas freezes FTX assets; company put into liquidation

“Today, the Securities Commission of The Bahamas (the Commission) took action to freeze assets of FTX Digital Markets and related parties. The Commission also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd. (FDM),” said a statement released by SCB Executive Director Christina Rolle this evening.

“The Commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research. Based on the Commission’s information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful.

Since the unfolding of events involving FDM, the Commission has proactively dealt with the situation and continues to do so.

“The Commission determined that the prudent course of action was to put FDM into provisional liquidation to preserve assets and stabilize the company.”