Investment Funds (Fees) Rules, 2020

EXTRAORDINARY OFFICIAL GAZETTE THE BAHAMAS PUBLISHED BY AUTHORITY NASSAU 16th April, 2020 (A)

INVESTMENT FUNDS (FEE) RULES, 2020 Arrangement of Order Order

1. Citation .......................................................................................................2
2. Interpretation ..............................................................................................2
3. Fees.............................................................................................................2
4. Annual Fees................................................................................................2 SCHEDULE..........................................................................................................3

The Securities Commission of The Bahamas, in exercise of the powers conferred by section 160 of the Investment Funds Act, 2019 (No. 2 of 2019), makes the following Rules –

1. Citation. These Rules may be cited as the Investment Funds (Fee) Rules, 2020.
2. Interpretation. (1) In these Rules – “Act” means the Investment Funds Act, 2019 (No. 2 of 2019); and “Commission” means the Securities Commission of The Bahamas. (2) Words and phrases not defined in subsection (1) and used in these Rules shall, unless the context otherwise requires, have the same meaning ascribed to them in the Act and Regulations.
3. Fees. (1) For the purpose of the Act and the Investment Funds Regulations, 2019, the fees set out in the Schedule shall apply. (2) All fees set out in the Schedule shall be paid to the Commission of The Bahamas, and shall not be refundable.
4. Annual Fees. (1) The annual fees set out in Tables A to E of the Schedule shall be payable in accordance with the period established by section 43 of the Act. (2) The annual fees payable in the first year of licensing or registration of a regulated person and the approval of a principal office shall be pro-rated to the 31st day of December from the date of licensing, registration, or approval of that year. PUBLIC HOLIDAYS ACT (CHAPTER 36) PUBLIC HOLIDAYS (EMANCIPATION DAY, 2019) (OPENING OF SHOPS) NOTICE, 2019 WHEREAS by section 6 of the Public Holidays Act (“the Act”) it is provided that the Governor-General may, in any special case in which it is expedient to do so, by notice in the Gazette authorize the carrying on of business in any shop on any public holiday; AND WHEREAS Emancipation Day, the 1st Monday in August has been appointed a public holiday under the Act; AND WHEREAS the Governor-General considers it expedient to authorize the carrying on of business in all shops on Monday, the 5th day of August, 2019, the day celebrated as Emancipation Day in 2019: NOW THEREFORE in exercise of the powers conferred by section 6 of the Act, the Governor-General gives the following Notice ––
5. Citation. This Notice may be cited as the Public Holidays (Emancipation Day, 2019) (Opening of Shops) Notice, 2019.
6. Opening of shops on Emancipation Day, 2019. Business may be carried on in all shops during normal business hours on Monday, the 5th day of August, 2019, the day celebrated as Emancipation Day in 2019. OFFICE OF THE GOVERNOR-GENERAL S.I. No. 51 of 2019 Dated this 1st day of August, 2019. Signed CORNELIUS A. SMITH Governor-General MINISTRY OF FINANCE S.I. No. 44 of 2020 INVESTMENT FUNDS ACT, 2019 (NO. 2 OF 2019) INVESTMENT FUNDS (FEE) RULES, 2020 Page - 2

SCHEDULE (Rules 3 and 4) TABLE A TABLE OF APPLICATION AND ANNUAL FEES FOR INVESTMENT FUNDS LICENSED UNDER PART II OF THE ACT Category Application Annual Fees Standard Fund $1,300.00 $1,750.00 Professional Fund – with $1,300.00 $1,750.00 Administrator Professional Fund – with $2,500.00 $1,750.00 Administrator (Fast Tracked Application) Professional Fund – Self $1,300.00 $2,000.00 Administered Professional Fund – Self $2.500.00 $2,000.00 Administered (Fast Tracked Application) SMART Investment $1,300.00 $1,750.00 Fund – with Administrator Page - 3

SMART Investment $2,500.00 $1,750.00 Fund – with Administrator (Fast Tracked Application) SMART Investment $1,300.00 $2,000.00 Fund – Self Administered SMART Investment $2,500.00 $2,000.00 Fund – Self Administered (Fast Tracked Application) Page - 4

TABLE B TABLE OF PRINCIPAL OFFICE FEES FOR INVESTMENT FUNDS LICENSED UNDER PART II OF THE ACT Category Principal Office Fee Standard Fund $875.00 Professional Fund- with $875.00 Administrator Professional Fund- Self $875.00 Administered SMART Investment Fund $875.00 -with Administrator SMART Investment Fund $875.00

• Self Administered Page - 5

TABLE C TABLE OF APPLICATION, INITIAL LICENSING AND ANNUAL FEES FOR INVESTMENT FUND ADMINISTRATORS LICENSED UNDER PART II OF THE ACT Category Application Initial Annual Fee Fee Licensing Fee Restricted $4,000.00 $7,500.00 $10,750.00 Investment Fund Administrator s (0-24 Funds) Restricted $6,000.00 $10,000.00 $17,500.00 Investment Fund Administrator (25-49 Funds) Restricted $8,750.00 $12,750.00 $22,750.00 Investment Fund Administrator (50 Funds or more) Unrestricted $8,750.00 $12,750.00 $17,500.00 Investment Fund Administrator (0-24 Funds) Unrestricted $10,000.00 $14,000.00 $24,000.00 Investment Fund Administrator (25-49 Funds) Unrestricted $12,750.00 $16,750.00 $29,500.00 Investment Fund Administrator (50 Funds or more) Page - 6

TABLE D TABLE OF APPLICATION, INITIAL REGISTRATION, AND ANNUAL FEES PER FUND FOR INVESTMENT FUND MANAGERS REGISTERED UNDER PART II OF THE ACT Category Application Initial Registration Annual Fee Per Fund Fee Per Fund Renewal Fee Per Fund Investment Fund $200.00 $300.00 $500.00 Manager not registered under the SIA, IFA or in a prescribed jurisdiction Investment Fund $200.00 NIA NIA Manager not registered under the SIA, IFA or in a prescribed jurisdiction Page - 7

TABLE E TABLE OF APPLICATION, INITIAL LICENSING AND ANNUAL RENEWAL FEES PER FUND FOR ALTERNATIVE INVESTMENT FUND MANAGER LICENSED UNDER PART II OF THE ACT Category Application Initial Registration Annual Fee Per Fund Fee Per Fund Renewal Fee Per Fund Alternative $200.00 $300.00 $500.00 Investment Fund Manager Page - 8

TABLE F TABLE OF ADMINISTRATIVE FEES UNDER THE ACT Category Administrative Fee Approval of the appointment or change in a director, $400.00 operator, chief executive officer or other person for whom initial approval is required Re-Launching of a Suspended Fund $1,000.00 Approval of the Issuing, Transferring or Disposing of $400.00 Shares of the Investment Fund Administrator Approval or change of a Compliance Officer or $700.00 Money Laundering Reporting Officer (MLRO) Letters of Good Standing $300.00 Replacement Certificates (per certificate) $300.00 Copies of or extracts from Investment Fund Register $10.00 Approval of change of name and re-issuance of registration certificate (per certificate) $300.00 Extension to file audited financial statements (lst request) $700.00 Extension to file audited financial statements (2nd request) $1,500.00 Approval for the Surrender of license or registration Certificate $300.00 Approval of Publication of Advertisement in The Bahamas $150.00 Application for a “Waiver” request $300.00 Request for Confirmation of Status by AIFM $100.00 Signed ROBERT LOTMORE Chairman Securities Commission Made this 16th day of April, 2020 Page -9