Regulatory Alerts2009-02-27
Added · Updated
Investment Funds (SMART Fund) Rules, 2009
The Securities Commission of The Bahamas establishes requirements for funds operating as SMART Fund Model SFM 006, restricting eligibility to investors who qualify for professional funds. These funds must maintain identical shareholders, creditors, and assets to an originating Bahamian investment fund, with no more than 30% of the originating fund's gross assets invested in the SMART fund. The rules waive annual audit and net asset valuation requirements, mandating instead that operators file performance reports every six months and certify fund qualification by January 31 annually.
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