Regulatory Alerts2008-07-02 | 24027Added · Updated
Guidelines for Collective Investment Schemes
The Trinidad and Tobago Securities and Exchange Commission establishes regulatory requirements for Collective Investment Schemes, including mandatory daily Net Asset Value calculations and specific prospectus disclosure standards. The guidelines impose concentration limits prohibiting investments exceeding ten percent of net assets in any single issuer and restrict control holdings to ten percent or less of outstanding securities. New schemes must demonstrate initial capital ownership of at least five million dollars by the sponsor or manager, with a minimum two million dollars set aside for fees and expenses. Additionally, the document mandates continuous reporting, fiduciary duties for trustees, and strict prohibitions against misleading sales communications.