St Kitts and Nevis Public Fund_Guidelines
St Kitts and Nevis Public Fund
The Nevis International Mutual Funds Ordinance 2004 and its accompanying Regulations provide a modern regulatory structure for mutual funds, their managers and administrators. The applicable regulations are Nevis International Mutual Funds Ordinance 2004 and Nevis International Mutual Funds Regulations under the Nevis Financial Service Commissions
The entity making the application is St Kitts and Nevis:
|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.|
The Applicant must employ a fund administrator who can be:
The Applicant must employ a fund manager:
|St Kitts and Nevis Office||Not Required|
|Auditor||The Licensee shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage acceptable to the regulator|
|Minimum Capital Requirements||None|
|Application Fee||USD 600|
|License Fee||USD 300|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Nevis Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
- 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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