Bermuda Professional Closed Fund_Guideline
Bermuda Professional Closed Fund The Bermuda Investment Funds Amendment Act 2019 sets forth the regulatory environment for operation of mutual funds in Bermuda. The Amendment Act also introduced a new class of fund for closed-ended investment funds namely Professional Closed Fund. Effective from 1 January 2020, new closed-ended investment funds will need to be authorized or registered under one of the existing categories of Authorized Funds or Registered Funds or alternatively registered under the new category of Professional Closed Fund. A fund may register as a Professional Closed Fund if it satisfies the following requirements:
- It is a closed-ended investment fund;
- It is open only to qualified participants;
- The qualified participants are provided with an investment warning prior to the time of the purchase of units;
- Its operator has appointed a licenced local service provider or an officer, trustee or representative resident to Bermuda who has access to its books and records;
- Its operator has appointed an auditor; and its financial statements are prepared in accordance with recognised standards (i.e. IFRS or GAAP).
|Entity Requirements||The entity making the application is Bermuda:
|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.|
|Licensed Principle||The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
|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 Authority|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Bermuda Monetary Authority , 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 Authority, 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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