The Securities Act, 2012, allowed for the expansion of the Board of Commissioners to no more than nine (9) nor fewer than five (5) members including the Chairman, the Deputy Chairman, an attorney at law of at least ten (10) years standing and a representative from the Ministry of Finance. Commissioners can hold office for a period not exceeding three years and are eligible for re-appointment. The first Board of Commissioners was appointed in April 1997.