Mr Michael L Paton

Michael L Paton

Updates

Capital Markets

Investment funds explained
Bahamas | 27 January 2015

The Investment Funds Act provides legislation flexible enough to accommodate the needs and growing demands of the financial sector. To be a Bahamas-based investment fund, a nexus to the Bahamas must be established. An investment fund does not include a unit trust, company or partnership where the holder of equity interests cannot redeem its equity interests or require the issuer to repurchase its equity interests.

Private Client & Offshore Services

Investment funds explained
Bahamas | 22 January 2015

The Investment Funds Act provides legislation flexible enough to accommodate the needs and growing demands of the financial sector. To be a Bahamas-based investment fund, a nexus to the Bahamas must be established. An investment fund does not include a unit trust, company or partnership where the holder of equity interests cannot redeem its equity interests or require the issuer to repurchase its equity interests.

Foreign Investment and Bahamian Mergers and Acquisitions
Bahamas | 17 January 2008

All significant acquisitions in The Bahamas have involved foreign capital, which creates certain legal issues highlighted in this update. Most relevant to mergers and acquisitions is the requirement for a foreign equity investor to obtain the prior approval of the Investments Board before it can purchase the shares of, or a beneficial interest in, a Bahamian resident company.

The Foundations Act 2004: An Overview
Bahamas | 20 July 2006

A Bahamian foundation is a legal entity resident and domiciled in the Bahamas. Any assets properly transferred to a Bahamian foundation shall be the legal and beneficial property of the foundation and shall cease to be the property of the transferor. The property of a foundation shall not become the property of a beneficiary unless and until it is properly distributed to such by the foundation.

Selecting the Domicile of an Offshore Special Purpose Vehicle
Bahamas | 27 June 2002

In order to be a viable jurisdiction for the domiciliation of a special purpose vehicle which will be the issuer of securities in connection with a securitization transaction, a jurisdiction must meet all the requirements of the sponsoring institution, the rating agencies and investors. This update examines the key issues.

Government Moves to Support War Against Terrorism
Bahamas | 01 November 2001

The government of The Bahamas has passed legislation to assist the international efforts to seize the assets of terrorist organizations affiliated or linked with the Taliban and Usama bin Laden. It prohibits Bahamians, both at home and abroad, from assisting these entities in any way.

Banking Laws Updated
Bahamas | 03 May 2001

New legislation has given the Central Bank of the Bahamas the power to assist and cooperate with overseas regulatory authorities, in order to help international financial service regulators to exercise their functions. Meanwhile, a second law introduces stricter regulation of banks and trust companies.

International Companies Act Revamped
Bahamas | 12 April 2001

The International Business Companies Act 2000 has repealed the International Business Companies Act 1989. There is a 180-day transition period for all existing Bahamian international business companies to comply with the act.