Samoa Segregated Fund_Guideline
Samoa Segregated Fund
A trustee company may apply to the Registrar
- to incorporate a segregated fund international company or to register an existing international company as a segregated fund international company if authorised by its Memorandum or
- to register a segregated fund international company by way of continuance.
A segregated fund international company is regarded in law as a single legal person. The company is permitted to establish as many “segregated funds” with their assets and liabilities held separately from all other assets and liabilities of the company. A “segregated fund” is not regarded as a legal person separate from the company.
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:
|Fund Administrator||The company is required to appoint and maintain at all times a registered segregated fund manager which must be a licensed trustee company to protect investors and creditors and ensure compliance with the Act.|
|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||The company may create and issue shares or other forms of membership interests specifically allocated and proceeds of issue may be credited to a segregated fund.|
- 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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