Samoa Mutual Fund_ Professional_Guideline
Samoa Professional Fund
Samoa Professional fund is an international mutual fund:
- Where the shares are made available only to professional investors and the initial investment in which, in respect of the majority of each of such investors, is not less than 100,000 dollars or its equivalent in any other currency, provided that the minimum investment limit shall not apply in respect of any investment made by the manager, administrator, promoter or underwriter of the professional fund; or
- Is designated as a professional fund by regulations; ―professional investor‖ means a non-resident of Samoa:
- who has signed a declaration that the person, whether individually or jointly with a spouse, has a net worth in excess of $1,000,000 dollars or whose annual income in the last 2 years was at least $200,000, with a reasonable expectation of at least the same annual income for the current year, and that the person consents to being treated as a professional investor; or
- whose ordinary business involves, whether for the person’s own account or the accounts of others, the acquisition or disposal of property of the same kind as the property, or a substantial part of the property, of the fund; and includes:
- an international bank licensed under the International Banking Act 2005 or a bank licensed in a recognized country or jurisdiction; or
- an international insurance company licensed under the International Insurance Act 1988 or an insurance company licensed in a recognised country or jurisdiction; or
- a mutual fund regulated in a recognised country or jurisdiction; or
- an international trust registered under the International Trusts Act 1987 with a minimum of one million dollars in assets; or
- any entity owned by any of the above classes of investors;
The entity making the application is:
The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
The company must have a resident director who must be a natural person
|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.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
Samoan licensed fund administrator by the Samoa International Finance Authority (SIFA)
Approved Foreign Administrator by the Authority and from a recognized country or jurisdiction as per the International Mutual Fund Act, 2008.
|Fund Manager||The company is required to appoint and maintain at all times a registered fund manager which must be a licensed trustee company to protect investors and creditors and ensure compliance with the Act.|
|Custodian||The applicant must have a licensed/approved custodian at all times.|
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the SIFA|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration.
- Filing of Audited Accounts
- 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 business
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