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Bahamas Intellectual Property Act: A Guide for Fintech Businesses

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NASSAU, Bahamas - As fintech businesses expand their operations across borders, understanding intellectual property (IP) rights becomes increasingly crucial. In The Bahamas, IP protection is governed by the Industrial Property Act, 1965 (“IPA”), Copyright Act, 2000 (“CPA”), and Trade Marks Act, 1906 (“TMA”). Here’s a breakdown of how ownership and enforcement of IP rights operate in the jurisdiction.

Ownership of Intellectual Property

The Bahamas recognizes three primary forms of intellectual property: copyright, trade marks, and patents. Each of these forms can be owned and transferred through assignment.

Under the CPA, the author of a protected work is the initial owner of any copyright. In cases where a work is created during employment, the employer owns all rights comprised in the copyright unless otherwise agreed upon. Joint authors are co-owners of the copyright, while copyrights for individual contributions to collective works vest with the contributing authors.

Trade Mark Ownership

According to the TMA, trade marks are used or proposed to be used on goods to indicate their proprietorship. Proprietors may register trade marks in association with permitted goods. Registration provides prima facie evidence of the validity of the original registration and subsequent assignments.

Patent Ownership

Under the IPA, the person listed as the grantee or proprietor on the patent register is the owner of the patent (the “patentee”). In cases where a patent is granted to multiple individuals, each patentee has an equal undivided share and may use, exercise, and vend the patented invention without accounting to others.

Enforcing Intellectual Property Rights

Fintech businesses may register their trade marks under the TMA. However, proceedings cannot be initiated for unregistered trade mark infringement. Common law actions can be brought through the tort of passing off, but registration grants rights only within The Bahamas.

Works protected by copyright must meet specific criteria:

  • One or more authors is a qualified person
  • The work was first published in The Bahamas or a foreign nation party to the Universal Copyright Convention
  • It is protected under the Berne Convention

A “qualified person” includes individuals from countries that are parties to these conventions.

Conclusion

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In conclusion, fintech businesses operating in The Bahamas must understand the complexities of intellectual property ownership and enforcement. By registering trade marks, obtaining copyrights, and patenting inventions, businesses can protect their creative works and innovations. It is essential to consult with legal experts to ensure compliance with local regulations and maximize protection for your IP rights.

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