Costa Rica Investment Funds Management License_Guideline
Costa Rica Investment Funds Management License
The Law No. 8343, of 2002 provides the legal framework for the provision of Brokerage Services in Costa Rica.
As per the Act, Investment funds Management Company are Companies whose sole purpose is to provide investment fund management services.
The entity making the application is a Costa Rican Company which Includes;
|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.
|The Licensee will need to have an Authorised Broker Agent to do any Transactions in the Stock Market
|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.
|The company must have an office in Costa Rica and some employees must reside there.
|The Licensee, must establish an internal Audit committee or outsource depending with the Company requirements.
|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 30 M Colones (Approximately USD 53,000)
- 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 for both the mutual fund and the mutual fund manager, 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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