Antigua & Barbuda Collective Investment Schemes

The Securities (Collective Investment Schemes) Regulations 2001 defines a Collective Investment Scheme as:

  1. A unit trust;
  2. An investment company;
  3. Investment contracts, investment programmes or any other arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income; and
  4. Any scheme that the Commission may deem to be a collective investment scheme for the purpose of the Securities Act.

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application can be:

  1. Investment Company
  2. Unit trust
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The CIS 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 approved by the commission.
Custodian The applicant must have a custodian approved by the commission as follows:

    1. Is a bank or financial institution licensed under the Banking Act;
    2. Is a trust company which is a subsidiary of such bank or financial institution; or
    3. In the case of any other company, has the prescribed minimum paid up capital and the Commission is satisfied that the applicant has the experience necessary to enable it to conduct its business and to carry out its obligations as a custodian of a collective investment scheme.
    4. Complies with the insurance requirement under section 80;
    5. Satisfies the Commission that it is a fit and proper person to be licensed as a custodian of a collective investment scheme;
    6. Will be able, if licensed to comply with the financial resources regulations.
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 auditor of a collective investment scheme shall

  1. Have a place of business in Antigua & Barbuda
  2. Be an accountant;
  3. Be approved by the Commission
  4. Not be a director or controller of the custodian, or the management company of the collective investment scheme or, in the case of an investment company, a director or controller of the company, or a partner, employee or shareholder of such a person
Insurance Every applicant, shall, to the satisfaction of or on terms prescribed by the Commission, effect and maintain appropriate policies of insurance on such terms and conditions as may be determined by the Commission 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 business.

Ongoing Obligations

  1. The management company of a collective investment scheme shall prepare and publish in accordance with the provisions of the Act the following documents relating to that collective investment scheme:

    1. The collective investment scheme particulars;
    2. An annual report for each financial year; and
    3. A half-yearly report covering the first six months of each financial year.
  2. The management company of a collective investment scheme shall send to the Commission a copy of the collective investment scheme particulars (including any revision) and of every annual and half-yearly report of the collective investment scheme.
  3. 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
  4. 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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