Turks and Caicos Mutual Funds
A Mutual Fund as defined in the Mutual Fund Ordinance 1998 (MFO) is a company, unit trust or partnership that issues equity interests, the purpose or effect of which is the pooling of investors’ funds with the aim of spreading investment risks and enabling investors in the mutual fund to receive profits or gains from the acquisition, holding, management or disposal of investments.
Categories of Mutual Funds
Categories of Mutual Funds under the MFO are:
- Registered Mutual Funds are constituted under TCI law and may only issue equity interests to investors who meet prescribed qualifications or the equity interests of which are listed on a stock exchange recognized by the TCI.
- Recognised Mutual Funds are constituted outside the TCI and the equity interests of which are listed on a stock exchange recognized by the TCI.
- Licensed Mutual Funds do not qualify as registered or recognized but are otherwise approved.
|Entity Requirements||The entity making the application is a Turks and Caicos:
|Director’s Requirements||Every mutual funds administrator which is a company shall provide in its Articles of Association that there be not less than two directors at any time and further shall ensure that there are two directors at all times..|
|Shareholder requirements||Every mutual funds administrator will need at least one shareholder.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
|Fund Manager||A mutual fund manager shall not be appointed
unless he or it is licensed by a regulatory authority in the countries in which he or it carries on the activities.
|Local Office||The applicant must have premises in the island acceptable to the commission prior to operating the business. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Minimum Capital Requirements||For the purposes of a registered mutual fund the qualifications for an investor shall be that;
(a) he has investments of $100,000 or more in securities quoted on the stock exchanges specified.
It shall be a condition of every licence granted under section 14 that the licensee shall at all times act in good faith and in the interests of the investors in the mutual funds and—
Shall cause annual accounts to be prepared in accordance with generally accepted accounting principles acceptable to the Commission and audited by an independent auditor, and shall submit such accounts to the investors in the fund within four
shall, within thirty days of its occurrence, notify the Commission of any change, or proposed change, in the information (including any business plan or prospectus) contained in, or supplied in connection with, the application for the registration, recognition or licensing of the mutual fund, as the case may be;
shall ensure that the current prospectus in respect of equity interests in the mutual fund shall at all times describe the equity interests in all material respects; and shall contain such other information as is necessary to enable a prospective investor in the mutual fund to make an informed decision as to whether or not to subscribe for or purchase the equity interests; and shall ensure that each such current prospectus be filed with the Commission;
(iv) shall file within twenty-one days of its occurrence, an amended prospectus with the Commission if at any time there is any change that materially affects any information in a
prospectus filed with the Commission or in the prescribed details of such prospectus;
Shall maintain such records, prepare such reports and provide such information as may be required by this Ordinance;
hall ensure that the prescribed annual fees are paid in a timely manner;
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