Gibraltar Alternative Investment Fund Depositary (AIF Depositary) Guidelines
- Raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and
- Does not require authorization pursuant to Article 5 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
- To safe keep assets of the AIF
- Monitor cash
- Oversee Net Asset Value (NAV) calculation and fund administration.
|Entity Requirements||The entity making the application is Gibraltar:
|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 Administrator of an AIFM must be domiciled and regulated in Gibraltar or, If not so authorized, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar.|
|Fund Manager||Any licensed fund manager as approved by the GFSC.|
|Auditor||The Licensee must have a Qualified local auditor or Foreign auditor if fund is structured as a domestic company|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements||730,000 Euros|
|Application Fee||£ 500|
|Annual License Fee||£1000|
- License are to be renewed annually. On application for renewal of a Licence, GFSC , 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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