Samoa Mutual Fund_Public_Guideline
Samoa Public Fund
Samoa Public fund is an international mutual fund which is not a private fund or a professional fund
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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