Bermuda should have its own Securities Exchange Commission, Finance Minister the Hon. David Saul said yesterday.

That recommendation was among several in a report prepared by the Commonwealth Fund for Technical Cooperation, in cooperation with the Finance Ministry, Dr.

Saul said.

Legislation would be coming to the House as a result of the report, he said.

As well as setting up a "small SEC,'' likely in the next 12 to 18 months, the legislation would deal with regulation of financial institutions and the stock market.

An expert from the CFTC -- which was funded by Commonwealth countries like Bermuda -- came to the Island, looked at existing laws, and "provided a detailed report on the supervision of financial institutions,'' Dr. Saul told The Royal Gazette .

The expert looked at the budding Bermuda Stock Exchange and an SEC was among his recommendations in that area, he said.

"We don't need a huge central bank, and we don't need a huge SEC,'' he said.

"We probably will start small and expand it from there.'' Right now, the securities regulation role of an SEC was being carried out by the Bermuda Monetary Authority and the Finance Ministry, he said.

Recommendations also dealt with the regulation of financial institutions, particularly the international aspects of banking, he said.

The expert said the regulation was good, but should be "tightened up'' due to advances in international supervision and the sending of data between central banks.

GUILTY OF SPEEDING CTS Guilty of speeding Speeding at 62 kph and failing to give his name cost a Hamilton Parish man $300 in Magistrates' Court yesterday. Phillion Webb 23, of North Shore Road pleaded guilty to the charges. Prosecuting Insp. Peter Duffy told the court that Webb went through a radar on Crow Lane and when stopped by Police he failed to give his name and address. He was then taken to the Hamilton Police Station where he was bailed. Senior Magistrate the Wor. Will Francis fined Webb $300 and disqualified him from all vehicles for three months.

FINED FOR DRUGS CTS Fined for drugs A 42-year-old Pembroke man was fined $400 in Magistrates' Court yesterday for possessing cocaine and drug equipment. William O'Brian Richardson 42, of Stowe Court pleaded guilty to the charges.

Prosecutor Insp. Peter Duffy told the court that on November 12 Police searched Richardson's home. "When he was confronted, officers saw him drop two brown paper twists containing a rock like substance,'' Insp. Duffy said.

"They went into his bedroom and found two glass pipes and a tumbler with foil on the top.'' Insp. Duffy added that the cocaine was examined and weighed 0.24 grams with a 71 percent purity. Senior Magistrate the Wor. Will Francis fined Richardson $400 for possessing cocaine and $100 for drug equipment.

JEWELLERY STOLEN CRM Jewellery stolen A jewellery thief grabbed a $6,000 haul from a property on the Railway Trail in Devonshire. The intruder broke in through a bedroom window on Tuesday morning.

Among the haul were a charm bracelet with a map of Africa, and a gold nugget with the letter `W' set in diamonds. A jewel featuring the head of an African princess was also taken. Anyone who can help Police should ring Central CID on 295-0011.