Nassau, Bahamas – February 3, 2006: In light of the action taken by the Securities Commission of The Bahamas and in accordance with the Memorandum & Articles of Association of the Bahamas Financial Services Board ("BFSB"), the membership of Dominion Investments (Nassau) Ltd. has been suspended.
Under the membership policy of BFSB, all providers of financial services within The Bahamas are eligible for consideration. Where such providers are "regulated entities", registration and/or licensing by the relevant regulatory authority is a prerequisite for membership approval. Likewise, in cases of affiliation with self-regulated bodies, BFSB membership approval is contingent on evidence that the applicant is "in good standing" with the relevant body.
Dominion Investments (Nassau) Ltd. as a duly regulated entity was a general member of BFSB. Directors of BFSB are nominated and elected by its membership. At no time was a representative of Dominion Investments (Nassau) Ltd. nominated or elected to the Board of Directors of BFSB.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.