Regulatory Alerts2012-09-17
Added · Updated
Investment Funds (SMART Funds) Rules, 2012
The Securities Commission of The Bahamas establishes licensing parameters for SMART Funds (SFM 007), restricting them to a maximum of fifty equity investors with a minimum initial investment of USD 500,000. Funds must maintain an offering document containing specific disclosures and obtain investor confirmation of regulatory requirements via a subscription agreement. Administrative functions may be performed by operators without appointing a separate administrator, provided the fund remains licensed by the Commission. Annual audits are mandatory unless unanimously waived by investors, in which case performance reports must be filed every six months, and operators must certify fund qualification by January 31 each year.
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