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International Mutual Funds Regulations – Section 60

(Statutory Instruments 118/2007 and 109/2011)

Statutory Instrument 118/2007 .. in force 6 August 2007

Amended by S.I. 109/2011 .. in force 14 November 2011

ARRANGEMENT OF REGULATIONS

1.	Citation
2.	Interpretation
3.	Application for registration as an international private mutual fund
4.	Application for an international public mutual fund licence
5.	Application for an international mutual fund administrator licence
6.	Application for an international mutual fund manager licence
7.	Certificate of registration for international private mutual fund
8.	Licences
9.	Fees
Schedule 1
Schedule 2

INTERNATIONAL MUTUAL FUNDS REGULATIONS – SECTION 60

Commencement [6 August 2007]

1. Citation

These Regulations may be cited as the International Mutual Funds Regulations.

2. Interpretation

In these Regulations “Act” means the International Mutual Funds Act.

3. Application for registration as an international private mutual fund

A person carrying on international mutual fund business in relation to a private mutual fund shall pursuant to section 4 of the Act, register the private mutual fund as an international private mutual fund by submitting a registration form as prescribed in Form 1 of Schedule 1 together with the application fee prescribed in Schedule 2. (Amended by S.I. 109/2011)

4. Application for an international public mutual fund licence

A person applying for an international public mutual fund licence under section 6 of the Act shall apply by submitting an application as prescribed in Form 2 of the Schedule 1 together with the fee prescribed in the Schedule 2 for each public mutual fund in respect of which a licence is applied for.

5. Application for an international mutual fund administrator licence

A person applying for an international mutual fund administrator licence pursuant to section 13 shall apply by submitting an application as prescribed in Form 3 of Schedule 1 together with the fee prescribed in Schedule 2.

6. Application for an international mutual fund manager licence

A person applying for an international mutual fund manager licence pursuant to section 24 shall apply by submitting an application as prescribed in Form 3 of Schedule 1 together with the fee prescribed in Schedule 2.

7. Certificate of registration for international private mutual fund

A certificate of registration for private mutual fund pursuant to section 4 of the Act shall be in the form as prescribed in Form 5 of Schedule 1.

8. Licences

(1) An international public mutual fund licence granted under section 6 of the Act shall be in the form as prescribed in Form 6 of the Schedule 1.

(2) An international mutual fund administrator licence granted pursuant to section 13 of the Act shall be in the form as prescribed in Form 7 of Schedule 1.

(3) An international mutual fund manager licence issued pursuant to section 25 of the Act shall be in the form as prescribed in Form 8 of Schedule 1.

9. Fees

The annual fees payable pursuant to sections 11, 16 and 28 of he Act are as prescribed in Schedule 2.

Schedule 1

FORM 1

(Regulation 3)

APPLICATION TO REGISTER INTERNATIONAL PRIVATE MUTUAL FUND

(International Mutual Funds Act: Section 4)

Part 1 – Applicant details
Name of Fund			Name of Registered Agent/Trustee of Applicant
Legal constitution of Fund (Please tick one as appropriate)			• International Business Company • International Partnership • Unit Trust
International Business Company No./ International Partnership No./ Unit Trust No.
Date of Constitution/Registration

Business address of Fund
Contact person for this Application Telephone E-mail
Part 2 – Details of Fund
	Please state the following details for each functionary of the fund. A completed resume (including citizenship details) for each person should be appended.
Manager(s)
Name	Jurisdiction of incorporation	Address of place of business		Business activities

Administrator(s)
Name	Jurisdiction of incorporation	Address of place of business	Business activities

Investment Advisor(s)
Name	Jurisdiction of incorporation	Address of place of business	Business activities

Custodian(s)
Name		Jurisdiction of incorporation			Address of place of business			Business activities




Part 3 – Prior Registration or Authorization
If the fund is now or has been registered, licensed, recognized or authorised under any law or regulations relating to mutual funds, collective investment schemes/funds or securities in any country or jurisdiction, please provide details.
Nature of Registration/Authorisation	Date of Registration/Authorisation & Reference Number			Date of and Reason for Cessation of Registration/Authorisation (if applicable)			Country/ Jurisdiction

Part 4 - Additional Information
Please append the following items of information
Unit Trust Trustee Details – containing name, date and place of birth, citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 5. Police Clearance Certificate for each Trustee. Certified copy of Trust instrument and evidence that the Trust is in good standing.			International Business Company Constitutional documents – Certified copies of certificate of incorporation, Articles of Association and Certificate of Good Standing. Shareholder details – full names, date and place of birth, addresses and citizenship, bankers references and share ownership. Also statutory declaration in form shown in Part 6. Director Details – containing name, date and place of birth, addresses and citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 6. Police Clearance Certificate for each director/shareholder.			International Partnership International Partnership Constitutional documents - Certified copies of Memorandum of Partnership and Articles of Partnership and Certificate of Good Standing. Partner Details - containing name, date and place of birth, addresses and citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 6. Police Clearance Certificate for each partner In the case of an international limited partnership information as above but for the general partner only

A police clearance certificate is required where it is the practice to make one available. Where it is not the practice a notarized affidavit in respect of the absence of criminal convictions (with the exception of minor traffic offences) must be provided.

Part 5 – Resume

1. State the following details about each director; partner or trustee of the fund [copy this form as necessary]

Name:
Position:
Current Address ...................................................................................................................... ...................................................................................................................... ...................................................................................................................... ..................................................... (since) .......................................................
Date of birth:
Place of Birth:
Citizenship:
Educational and Professional Qualifications Date Awarded	Date Awarded

Details of current membership of any relevant professional bodies, their address(es) and the year(s) of admission—
Professional Body		Type of Membership		Year Admitted
Name and Address		(i.e. Fellow; Associate)



*2. Employment history (continue on separate sheet if necessary)*
Name and Address of Employers	From-To		Business		Occupation/Position

Part 6 - Statutory Declaration - To be completed by each functionary (Director/ Partner/Trustee)
I, [.................................................. full name ..................................................]
of [.................................... please state full address .......................................] do
solemnly and sincerely declare as follows -
1. That I am a citizen of [..................................................................................]
2. That I have never been convicted of an offence under the Laws of Saint Lucia of any other State. (except for minor traffic offences).
3. That I am of good character.
4. That I have never been the subject of any refusal in an application for registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
5. That I have never been the subject of any suspension, cancellation or revocation of registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
6. That no judgment has been rendered against me nor any suit or proceedings are pending against me in any country or jurisdiction which has been based in whole or in part on fraud, theft, deceit, misrepresentation or similar conduct.
7. I have never been charged, indicted or convicted in any country or jurisdiction for any offence in any criminal or civil proceedings relating to fraud or theft arising out of operating or dealing in mutual funds, collective investment schemes/funds, securities, banking or insurance business.
8. I have never been declared bankrupt nor have I been a party to bankruptcy or insolvency proceedings.
9. I have never been subject to proceeding relating to winding-up, dissolution, creditors' arrangement, creditors' compromise or receivership.
I make this Declaration conscientiously believing the same to be true and in accordance with the Statutory Declaration Act, Cap. 2.14 and that I am aware that if there is any statement in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.
DECLARED before me
at .............................. this ............................. day of
_________________________________	_________________________________
Notary Royal	Declarant

FORM 2
(Regulation 4)
APPLICATION FOR GRANT OF INTERNATIONAL PUBLIC MUTUAL FUND LICENCE
(International Mutual Funds Act: Section 6)
Part 1 – Applicant details
Name of Fund			Name of Registered Agent/Trustee of Applicant
Legal constitution of Fund (Please tick one as appropriate)			• International Business Company • International Partnership • Unit Trust
International Business Company No./ International Partnership No./ Unit Trust No.
Date of Constitution/Registration
Business address of Fund

Contact person for this Application Telephone E-mail
Licensed Administrator in St. Lucia

Name and Address of Fund's Auditor
Part 2 – Details of Fund
	Please state the following details for each functionary of the fund. A completed resume (including citizenship details) for each person should be appended.
Manager(s)
Name	Jurisdiction of incorporation	Address of place of business		Business activities

Administrator(s)
Name	Jurisdiction of incorporation	Address of place of business	Business activities

Investment Advisor(s)
Name	Jurisdiction of incorporation	Address of place of business	Business activities

Custodian(s)
Name		Jurisdiction of incorporation			Address of place of business			Business activities




Part 3 – Prior Registration or Authorisation
If the fund is now or has been registered, licensed, recognized or authorised under any law or regulations relating to mutual funds, collective investment schemes/funds or securities in any country or jurisdiction, please provide details.
Nature of Registration/Authorisation	Date of Registration/Authorisation & Reference Number			Date of and Reason for Cessation of Registration/Authorisation (if applicable)			Country/ Jurisdiction

Part 4 - Additional Information
Unit Trust Trustee Details – containing name, date and place of birth, citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 5. Police Clearance Certificate for each Trustee. Certified copy of Trust instrument and evidence that the Trust is in good standing.			International Business Company Constitutional documents – Certified copies of certificate of incorporation, Articles of Association and Certificate of Good Standing. Shareholder details – full names, date and place of birth, addresses and citizenship, bankers references and share ownership. Also statutory declaration in form shown in Part 6. Director Details – containing name, date and place of birth, addresses and citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 6. Police Clearance Certificate for each director/shareholder.			International Partnership Constitutional documents - Certified copies of Memorandum of Partnership and Articles of Partnership and Certificate of Good Standing. Partner Details - containing name, date and place of birth, addresses and citizenship details, country of residence and length of residency, educational and professional qualifications, employment history, etc. Also statutory declaration in form shown in Part 6. Police Clearance Certificate for each partner In the case of an international limited partnership information as above but for the general partner only

Part 5 – Resume

1. State the following details about each director; partner or trustee of the fund [copy this form as necessary]

Name:
Position:
Current Address ...................................................................................................................... ...................................................................................................................... ...................................................................................................................... ................................................... (since) .......................................................
Date of birth:
Place of Birth:
Citizenship:
Educational and Professional Qualifications Date Awarded	Date Awarded

Details of current membership of any relevant professional bodies, their address(es) and the year(s) of admission—
Professional Body		Type of Membership		Year Admitted
Name and Address		(i.e. Fellow; Associate)



*2. Employment history (continue on separate sheet if necessary)*
Name and Address	From –To		Business		Occupation/ Position

Part 8 - Statutory Declaration - To be completed by each Director
I, [.................................................. full name ........................................]
of [................................... please state full address ......................................] do
solemnly and sincerely declare as follows -
1. That I am a citizen of [.............................................................................]
2. That I have never been convicted of an offence under the Laws of Saint Lucia of any other State. (except for minor traffic offences).
3. That I am of good character.
4. That I have never been the subject of any refusal in an application for registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
5. That I have never been the subject of any suspension, cancellation or revocation of registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
6. That no judgment has been rendered against me nor any suit or proceedings are pending against me in any country or jurisdiction which has been based in whole or in part on fraud, theft, deceit, misrepresentation or similar conduct.
7. I have never been charged, indicted or convicted in any country or jurisdiction for any offence in any criminal or civil proceedings relating to fraud or theft arising out of operating or dealing in mutual funds, collective investment schemes/funds, securities, banking or insurance business.
8. I have never been declared bankrupt nor have I been a party to bankruptcy or insolvency proceedings.
9. I have never been subject to proceeding relating to winding-up, dissolution, creditors' arrangement, creditors' compromise or receivership.
I make this Declaration conscientiously believing the same to be true and in accordance with the Statutory Declaration Act, Cap.17.14, and that I am aware that if there is any statement in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.
DECLARED before me
at ....................... this .............................................. day of
_________________________________	_________________________________
Notary Royal	Declarant

FORM 3

(Regulations 5 & 6)

APPLICATION FOR LICENCE TO ACT AS ADMINISTRATOR AND/OR MANAGER OF INTERNATIONAL MUTUAL FUNDS

(International Mutual Funds Act: Section13 & 24)

Part 1(A) - Applicant Type

Please indicate for which of the following the licence is being applied

Administrator

Manager

Administrator & Manager

Part 1(B) - Applicant

Name of Applicant:

International Business Company No.

Date of Incorporation

Business address of Applicant

Contact person for this application
Telephone

Fax
Email

Share Capital
Authorized
Issued
Paid up

Name and address of Applicant's Auditor

Part 2-Additional Information

•     Certified evidence of net worth of AT LEAST $100,000.00 UNITED STATES CURRENCY; OR
•     Certified evidence of net worth of AT LEAST two hundred and $50,000.00 UNITED STATES CURRENCY.
•     Name, citizenship and addresses of Shareholders (include names of beneficiaries where shareholders are nominees) with statutory declaration as shown in Part 8.
•     Resume of each Director and senior management personnel of Applicant.
•     Constitutional documents – Certified copies of Memorandum and Articles of Association, and Certificate of Incorporation.
•     Police Clearance Certificate for each director/shareholder Name of Applicant:

•     Personal and banker's references for each shareholder and director.
•     Resources Statement. Describes human and physical resources available to applicant including details of use of information technology. Security and backup arrangements are described.
•     Financial statement- Copy of applicant's latest audited accounts and group account where applicable for 3 years immediately preceding year of application.
•     Business Plan- encompassing
•     Background, Business objectives, Management and Staff Structure, Projected Financial Position.
•     Auditors Confirmation of Appointment

Part 3 - Applicant Management

Please list all directors of the applicant, identify the Chairman, Chief Executive or Managing Director and any other directors with specific title. Non-executive directors should be Distinguished. A complete resume for each person should be appended.

Name and Title

Address

Is a resume attached

YES/NO

Part 4 –Applicant administration /management experience

Please provide details of the mutual funds to which this application relates and description of the services to be provided.

Name of fund

Jurisdiction Domicile

Nature of Fund State whether private or public

Services to be provided

Part 5- Applicant administration/management experience

Please provide details of mutual funds administered/managed by the applicant over the past seven (7) years.

Name of Fund & Jurisdiction /Domicile

No. of Years administered/ managed

Nature of Fund State whether private or public

Nature of services provided

Part 6 - Regulatory Relationships

Please provide name and address of all Regulatory Entities to which the applicant or other group companies report or reported over the past five (5) years.

Name of Company

Name and Address of Regulatory Authority

Part 7 – Resume
1. State the following details about each director of the applicant [copy this form as necessary]

Name:

Position:

Current Address
......................................................................................................................
......................................................................................................................
......................................................................................................................
...................................................... (since) ......................................................

Date of birth:

Place of Birth:

Citizenship:

Educational and Professional Qualifications Date Awarded

Date Awarded

Details of current membership of any relevant professional bodies, their address(es) and the year(s) of admission—
Professional Body		Type of Membership		Year Admitted
Name and Address		(i.e. Fellow; Associate)



*2. Employment history (continue on separate sheet if necessary)*
Name and Address	From –To		Business		Occupation/ Position

Part 8 - Statutory Declaration - To be completed by each Director
I, [............................................ full name ..................................................]
of [....................................... please state full address ................................] do
solemnly and sincerely declare as follows -
1. That I am a citizen of [.............................................................................]
2. That I have never been convicted of an offence under the Laws of Saint Lucia of any other State (except for minor traffic offences).
3. That I am of good character.
4. That I have never been the subject of any refusal in an application for registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
5. That I have never been the subject of any suspension, cancellation or revocation of registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
6. That no judgment has been rendered against me nor any suit or proceedings are pending against me in any country or jurisdiction which has been based in whole or in part on fraud, theft, deceit, misrepresentation or similar conduct.
7. I have never been charged, indicted or convicted in any country or jurisdiction for any offence in any criminal or civil proceedings relating to fraud or theft arising out of operating or dealing in mutual funds, collective investment schemes/funds, securities, banking or insurance business.
8. I have never been declared bankrupt nor have I been a party to bankruptcy or insolvency proceedings.
9. I have never been subject to proceeding relating to winding-up, dissolution, creditors' arrangement, creditors' compromise or receivership.
I make this Declaration conscientiously believing the same to be true and in accordance with the Statutory Declaration Act, Cap.17.14, and that I am aware that if there is any statement in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.
DECLARED before me
at .................... this ............................................. day of
____________________________________	____________________________________
Notary Royal	Declarant

FORM 5

(Regulation 7)

[COAT OF ARMS]

CERTIFICATE OF REGISTRATION OF AN INTERNATIONAL
PRIVATE MUTUAL FUND

(International Mutual Funds Act: Section 4)

Having complied with the requirements of the International Mutual Funds Act, the Director of International Financial Services hereby grants a

Certificate of Registration to

Name of Fund

To carry on business as a Private Mutual Fund in the State of Saint Lucia under the Act.

This certificate of registration is granted and is subject to the following:

1. The Director shall be informed of any changes to the information supplied to the Director on the application for registration of this International Private Mutual Fund.

2. Conditions specified below.

Dated this ________________ day of _________________, ___________.

SEAL

Certificate No: xxxxx/xx/xx

...........................................

Director

Financial Services

FORM 6

(Regulation 8 (1))

[COAT OF ARMS]

SAINT LUCIA LICENCE
INTERNATIONAL PUBLIC MUTUAL FUND

(International Mutual Funds Act, Section 6)

This is to certify

Name of licensee

has been granted a licence to carry on international public mutual fund business from Saint Lucia.

The licence granted is subject to the following:

1. The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.

2. Other conditions specified below.

Dated this ________________ day of _________________, ___________.

________________________________________

Minister for International Financial Services

Licence No.:_____________________________

FORM 7

(Regulation 8 (2))

[COAT OF ARMS]

SAINT LUCIA LICENCE
ADMINISTRATOR OF INTERNATIONAL MUTUAL FUND

(International Mutual Funds Act, Section 13)

This is to certify

Name of administrator

an international business company, No,: [ ] has been granted this licence to carry on business as an administrator of international mutual funds.

The licence granted is subject to the following:

1. The administrator shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.

2. Other conditions specified below.

Dated this ________________ day of _________________, ___________.

________________________________________

Minister for International Financial Services

Licence No.: __________________________

FORM 8

(Regulation 8(3))

[COAT OF ARMS]

SAINT LUCIA LICENCE
MANAGER OF INTERNATIONAL MUTUAL FUND

(International Mutual Funds Act: Section 24)

This is to certify

Name of manager

an international business company, No.: [ ] has been granted this licence to carry on business as a manager of international mutual funds.

The licence granted is subject to the following:

1. The manager shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.

2. Other conditions specified below.

Dated this ________________ day of _________________, ___________.

________________________________________

Minister for International Financial Services

Certificate No.: ___________________

Schedule 2

(Regulations 3, 4, 5, 6 and 9)

FEES

			US$
1.	Annual Fee:
	Annual fee for international private mutual fund		500.00
2.	Application fees:
	(a)	Application fee for international mutual fund licence	500.00
	(b)	Application fee for international mutual fund administrator licence	500.00
	(c)	Application fee for international mutual fund manager licence	500.00
	(d)	Application fee for international private mutual fund	500.00
3.	Annual licence fees:
	(a)	International public mutual fund licence	1,000.00
	(b)	International mutual fund administrator licence	1,000.00
	(c)	International mutual fund manager licence	1,000.00