Montserrat Professional Fund_Guidelines

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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.

Permitted Activities

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.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is Montserrat :

  1. Company
  2. Limited partnerships,
  3. Unit trust or
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
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
  • A Fund Administrator Licensed Locally by the Financial Service Commission in Montserrat.
  • A Fund Administrator Licensed by another recognized country or jurisdiction.
Fund Manager
  • The Applicant must employ a fund manager with no local requirement
  • A Fund Manager Licensed Locally by the Financial Service Commission in Montserrat.
  • A Fund Manager Licensed by another recognized country or jurisdiction.
Custodian
  • A local custodian is required.
  • A Custodian Licensed Locally by the Financial Service Commission in Montserrat.
  • A Custodian Licensed by another recognized country or jurisdiction.
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

Ongoing Obligations

  1. 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;
  2. 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.
  3. 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.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

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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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