Montserrat Professional Fund_Guidelines
Montserrat Professional Fund
Montserrat introduced its revised Mutual Funds legislation in 2007. Under the Act public funds, private funds or professional funds are prohibited from carrying on mutual funds business or manage or administer the affairs of mutual funds in or from within Montserrat unless registered under the Act.
A fund which shares are made available only to professional investors and the initial investment in which, in respect of each of the persons constituting a major of such investors, is not less than United States dollars $100,000 or its equivalent in any other currency. But this minimum initial investment limit shall not apply in respect of an investment made by the manager, administrator, promoter or underwriter of the professional fund.
The entity making the application is Montserrat :
|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.|
|Local Office||Not a requirement|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements||USD 100,000|
|Application Fee||USD 2,500|
|License Fee||USD 5,000|
- Maintain such accounting records and financial statements available for examination by the Registrar or any person authorized under his hand at its principal place of business or registered office in Montserrat;
- 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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