Regulatory Alerts2004-01-07
Added · Updated
Investment Funds (SMART Fund) Rules, 2003
The Securities Commission of The Bahamas establishes four SMART Fund models (SFM 001 through SFM 004) with specific eligibility criteria, including investor limits of ten, fifteen, or five equity holders, and requirements for promoter status or professional fund classification. The rules mandate distinct offering document contents, subscription agreements, and financial reporting obligations, such as semi-annual performance reports and annual certifications by January 31. SFM 001 funds require a financial institution promoter and prohibit dual-level fees, while SFM 002, 003, and 004 funds allow for waived annual audits subject to unanimous investor consent and subsequent semi-annual reporting.
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