Bermuda Registered Funds Fund_Guideline
- Private Funds:
- the fund must be open to qualified participants as defined under section 9(2) and 9(3) of the Act;
- the operator of the fund has appointed an officer, trustee or representative resident in Bermuda who has authority to access the books and records of the fund;
- the operator of the fund has appointed the following service providers to the fund-
- an investment manager;
- fund administrator;
- an auditor; and
- a custodian or prime broker; and
- the financial statements of the fund are prepared in accordance with any one of the following standards-
- International Financial Reporting Standards (“IFRS”);
- Generally Accepted Accounting Principles (“GAAP”) in Bermuda, Canada, the United Kingdom or the United States of America; or
- any such other GAAP as the Authority may recognise.
- licensed under the Investment Business Act 2003;
- authorised or licensed by a foreign regulator recognised by the Authority; or
- carrying on business in or from Bermuda or in a jurisdiction recognised by the Authority, being a person who
- has gross assets under management of an amount that is not less than $100 million; or
- is a member of an investment management group that has consolidated gross assets under management of an amount that is not less than $100 million;
|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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