Anguilla Private Fund_Guideline
Anguilla Private Fund
The Anguilla Mutual Funds Act sets forth the regulatory environment for operation of mutual funds in Anguilla. There are also several additional Regulations on the subject of mutual funds regulation, and a range of Policy Guidelines issued by the Anguilla Registrar of Mutual Funds (being part of the Eastern Caribbean Securities Regulatory Commission) and dealing with the finer points of the practical application of the Mutual Funds Act.
A Private Mutual Fund is prohibited from the offering up of its common stock for subscription by the general public. Consequently, this type of fund is limited only to private stock offerings after it has first applied for and received official recognition from the Registrar of Mutual Funds. Thereafter, it can commence its operations with a closed-end group of investors (less than fifty). Certain private funds are designed primarily to provide capital growth while others are intended to preserve capital.
|Entity Requirements||The entity making the application is Anguilla:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
|Fund Administrator||The Applicant must employ a fund administrator with no local requirement|
|Fund Manager||The Applicant must employ a fund manager with no local requirement|
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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