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. Permitted Activities 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. Legal Requirements

Sr. No	Element	Requirement(s)
	Entity Requirements	The entity making the application is Anguilla: Company Limited partnerships, Unit trust or
	Director’s Requirements	The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
	Shareholder requirements	The fund will need at least two promoters. Corporate shareholding is allowed and 100% foreign ownership is permitted.
	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
	Custodian	The applicant must have a custodian approved by the Commission. A Custodian licensed and approved locally the Commission. A Custodian licensed and approved under the laws of a recognized country or jurisdiction. A person with a written permission from the Commission to carry on Business as a Custodian.
	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

Ongoing Obligations

1. 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
2. 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.
3. 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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