Costa Rica Investment Funds License_Guideline
- Open investment funds: those whose assets are variable and unlimited; units placed among the public are directly redeemable by the fund and their term is indefinite. In these cases, the units may not be subject to operations other than redemption.
- Closed investment funds: those whose assets are fixed; units placed among the public are not directly redeemable by the fund, except in the circumstances and procedures provided in this law.
- Open or closed financial investment funds: they are those that have all of their assets invested in securities or in other financial instruments representing financial assets.
- Open or closed non-financial investment funds: those whose main objective is investment in non-financial assets.
- Investment mega-funds: those whose assets are invested exclusively in units of other investment funds.
|Entity Requirements||The entity making the application is a Costa Rican Company which Includes;
|Director’s Requirements||The licensee will need at least 1 (one) natural person Fit and Proper Directors of any jurisdiction.|
|Financial Portfolio Managers||The Applicant’s Financial Portfolio Managers must be licensed or certified to perform said the activities by the Costa Rican Chamber of Investment Funds|
|Fund Sales Representatives||The Applicant’s Fund sales representative must be licensed or certified to perform said the activities by the Costa Rican Chamber of Investment Funds.|
|StockBroker||The Licensee will need to have an Authorised Broker Agent to do any Transactions in the Stock Market|
|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.|
|Local Office||The company must have an office in Costa Rica and some employees must reside there.|
|Auditor||The Licensee, must establish an internal Audit committee or outsource depending with the Company requirements.|
|Insurance||It is not a requirement to have an indemnity insurance coverage or a fidelity bond.|
|Minimum Capital Requirements||The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities. The prescribed minimum paid-up capital is USD 45,000|
- Provision of a summary of the prospectus—and if requested, the complete prospectus—at the moment of placement.
- Information on the share price, net assets and commissions, to be provided daily to the regulator and available to the market and investors.
- Portfolio composition, to be provided biweekly to the regulator and available to the market and investors.
- Personal statement accounts, to be provided to each investor on a monthly basis.
- An annual fee must be paid irrespective of whether it is a commercially active company or not.
- Financial statements are to be provided quarterly as well as annually. Annual statements have to be audited and supplemented with an additional report on compliance with securities regulations and internal controls.
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The Valsen Advantage
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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