Академический Документы
Профессиональный Документы
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Recommendation of policies, guidelines and rules for the Commission (e.g. licensing)
Monitoring developments in the local and international securities markets Field Examiners Conduct on-site inspections on a regular basis (following a rotation system) and for cause
Regulatory Structure
ALL INVESTMENT FUNDS CONNECTED TO THE BAHAMAS IN ONE WAY OR ANOTHER MUST BE REGULATED BY OR REPORTED TO THE COMMISSION.
SMART Funds
Regulatory control is found initially through the approval of the SMART fund models by the Commission only. The Regulatory Regime of SMART funds is specified in the approval of each model. ALL supervisory, disciplinary and enforcement authority of the Commission will apply to SMART funds as they do to any other regulated investment fund.
Regulatory Regime
Investment Funds
Investment Fund Administrators
Investment Funds
Licensed or Registered General Regulatory Obligations Reporting Requirements Special Regulatory Requirements Annual Renewal of Licence or Registration
Annual Fee
Financial Requirements
Reporting Requirements
Annual Fee
Due Diligence
Investment Funds Conducted on all Parties Related to an investment fund. These parties include; the administrator, operator, promoter, custodian, investment manager and investment advisor. Conducted on Auditors, which also have a duty to provide various reports, as stated in Section 45 of the Bill.
Regulatory Regime
Supervisory Authority
Disciplinary Authority
Enforcement Authority
Supervisory Authority
The Commission has powers to: Conduct on-site and off-site inspections Instruct audits to be conducted Require access to records at any time Require any information to be provided relevant to licencee/registrant.
Disciplinary Authority
The Bill provides the Commission with general powers to conduct: Investigations Regulatory Hearings
(The Bill adopts the procedure for Regulatory Hearings that is provided in the Securities Industry Act, 1999)
Enforcement Authority
The Commission has authority over both regulated and unregulated investment funds. Disciplinary authority is expressly provided to be the same over an unregulated investment fund or investment fund administrator as its authority over regulated investment funds and investment fund administrators.
Administrative Sanctions for any breach of the Act will be as follows: Censure Fines Disgorgement of Profit Restitution Reclassification, suspension, revocation of licence, registration, approval or authorization Substitution of any party related to the fund or administrator Appointment of Advisor/Manager to the fund or administrator Application to the Court for an Order to take other actions Impose any other Justice ordered sanctions or remedies
Fees
New levels of Fees to be introduced according to the new classifications of investment funds. Investment Funds to pay: Application Fee (non-refundable) Annual Licence/Registration Fee (Pro-rated)
Fees (contd)
Investment Fund Administrators to pay: Application Fee (non-refundable) Annual Licence Fee (Pro-rated) Annual Principal Office Fee, for each investment fund for which it acts as Principal Office Minor additional Administrative Fees to be introduced. (e.g. Approval of new directors and for the registration of representative)