Regulatory Alerts2006-01-05
Added · Updated
Investment Funds (SMART Fund) Rules, 2005
The Securities Commission of The Bahamas establishes the Investment Funds (SMART Fund) Rules, 2005, creating a licensing category for funds limited to no more than five equity investors who are eligible for professional funds. These funds must operate as private investment vehicles with a financial institution as administrator and comply with specific offering document, subscription agreement, and administrator appointment requirements. The rules mandate annual certification by operators by January 31, require notification of administrator transfers within fourteen days, and stipulate that financial statements must be audited unless unanimously waived, in which case semi-annual performance reports are required.
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