By MARTELLA MATTHEWS, Guardian Business Reporter, martella@nasguard.com

With six pieces of financial legislation in the process of coming into force, The Bahamas government will now turn its attention towards other legislation anxiously awaited on by the industry, the Minister of Financial Services and Investment said Thursday.

Giving the luncheon presentation at a Financial Services Legislation Seminar hosted by the Bahamas Financial Services Board along with other industry bodies, Allyson Maynard-Gibson applauded the educational exercise put on by the industry and assured that in the near future attention would be focused on establishing the jurisdiction as an international arbitration centre, the domestic and external insurance acts and securitization among other initiatives.

The seminar held at Sandal Royal Bahamian Hotel and Spa provided a review of the six pieces of legislation, which passed through parliament between the latter part of 2003 and this year.

The one-day event saw presentations by local and international industry experts like Simon Beck from Baker and McKenzie out of Miami, Florida; Andrew Law, chairman of the Association of International Bank and Trust Companies and Michael Paton, chairman of the BFSB.

Minister Maynard-Gibson described the seminar as another illustration of the ongoing collaboration between the public and the private sector in the financial services industry to ensure The Bahamas is seen as a well-regulated, responsive and proactive jurisdiction.

"Without the support of the sector this legislation may not have been possible," she said. "The sector, through the Financial Services Consultative Forum and the BFSB, clearly articulated their need for this legislation." She thanked the contributors to the bundle of legislation for giving of their time and expertise to ensure the legislations were drafted.

The Financial Services and Investment minister also used the opportunity to challenge industry heads to make greater use of the available pool of Bahamian talent in the industry. Mrs. Maynard-Gibson suggested that the international financial institutions give their Bahamian employees the chance to hone their skills in the industry through meaningful work experiences abroad.

"Such opportunities should be on the same terms and conditions afforded to persons assigned to The Bahamas," she said adding that it would be good for the institution, the jurisdiction and employees to have international exposure.

The Minister noted however that passing the legislation was not the end of the process stating that proper systems also needed to be put in place by the government to give effect to these laws.

Recognising that the Registrar General Department would play a key role in this area, she said that already the department had embarked on the implementation of new systems to ensure more efficient service.