Barbados Mutual Funds License General Final
Barbados Mutual Funds License – General The Barbados Mutual Funds Act sets forth the regulatory environment for operation of mutual funds in Barbados. There are also several additional Regulations on the subject of mutual funds regulation, and a range of Policy Guidelines issued by the Barbados Registrar of Mutual Funds and dealing with the finer points of the practical application of the Mutual Funds Act. Permitted Activities The Barbados Mutual Funds Act defines a Mutual fund business as a the holding of equity interests in the form of shares and the pooling of investor funds with the aim of spreading investment risks and enabling investors in the mutual fund to receive profits or gains from the acquisition, holding, management or disposal of investments; The investment of the pooled resources in securities, in accordance with the mutual fund investment policies and objectives; and The single or continuous issue or offer for issue of shares or units for sale that entitles the purchaser or holder of the shares or units The minimum equity interest that may be purchased by a prospective investor in the fund is not less than $100 or its equivalent in any other currency. Legal Requirements
|Entity Requirements||The entity making the application is Barbados:
|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|
- 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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