Belize Public Fund_Guidelines
Belize Public Fund The Belize Mutual Funds Act 2000 (Revised 2011) sets forth the regulatory environment for operation of mutual funds in Belize. There are also several additional Regulations on the subject of mutual funds regulation, and a range of Policy Guidelines issued by the Belize Registrar of Mutual Funds (being part of the International Financial Services Commission) and dealing with the finer points of the practical application of the Mutual Funds Act. Permitted Activities The Belize Mutual Funds Act defines a public fund as a fund that offers any shares it issues for subscription or purchase to any member of the general public or any section thereof; and which is registered as a public fund under the Belize Mutual Funds Act. Legal Requirements
|Entity Requirements||The entity making the application is Belize:
|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|
|Belize Office||Not Compulsory|
|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|
|Minimum Capital Requirements||None|
|Application Fee||USD 500|
|License Fee||USD 500|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the International Finance Service 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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