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If a registered public fund publishes a prospectus or any amendment to it that contains misrepresentations relating to any disclosures required under the ACT, a person who purchased any shares pursuant to the prospectus or amendment to it, is deemed to have relied on the misrepresentation and shall have specific rights. These include rescission for the purchase or damages against the fund. However, no person is liable if he/she proves that the purchaser bought the shares offered by the prospectus or amendment to it with knowledge of the misrepresentation.
A promoter means a person acting alone or in conjunction with others directly or indirectly who takes the initiative in forming or organizing a mutual fund, but does not include an underwriter who receives an underwriting commission without taking any part in the founding or organizing of the mutual fund business.
An administrator is a person who for valuable consideration provides a mutual fund with administrative services alone or together with accounting services and is entitled to provide mutual funds such services and facilities under the laws of a recognized country or jurisdiction. Administrators must apply to be licensed under the Act. It is an offence to conduct the business of administrator from in or within Anguilla without a licence.
A manager refers to person, who is not an employee or officer of a person licensed under this Act who for valuable consideration provides a mutual fund with management services alone or together with investment advice or administrative services or is entitled to provide mutual funds with such services and facilities as provided in the laws of a recognized country or jurisdiction. Managers, like administrators, must apply to be licensed under the Act. It is an offence to conduct the business of manager from in or within Anguilla without licence.
No; in order to be granted a licence as an administrator or manager, the Commission must be satisfied that the applicant is a fit and proper person to be engaged in the business proposed. The applicant must also have available to him or her adequate knowledge, expertise, resources, and facilities necessary for the nature and scope of the business proposed and has appointed an auditor satisfying conditions as may be prescribed by the Commission.
Are all managers and administrators required to appoint an auditor?
No; a manager or administrator who provides services to one private mutual fund or one professional mutual fund and whose business is only to appoint other service providers or to receive fees or both, is exempted from the requirement to appoint an auditor.
Yes; an applicant can hold licences at the same time.
Registration refers to the process whereby a public fund is authorized to conduct business in or from within Anguilla. Only public funds are registered. No public fund can conduct business in or from within Anguilla without being registered under the Act.
The Commission will refuse to grant registration if the public fund has a name which is undesirable or misleading; where the public fund or proposed public fund does not have a custodian who is independent of the manager or administrator or it determines that it is not in the public interest that registration should be granted.
Recognition refers to the process whereby a private or professional fund is authorized to conduct business in or from within Anguilla. Only private and professional funds are recognized. No private or professional fund can conduct business in or from within Anguilla without being recognized under the Act.
The Commission will refuse to grant recognition if the private or professional fund has failed to provide evidence that it is a private or professional fund and is lawfully constituted under the laws of Anguilla; and where it determines that it is not in the interests of the investors or in the public interest that recognition should be granted.
No; only registered public funds have to provide these statements.
The Commission has to give its consent for persons to use the words "fund", "mutual fund" or "unit trust" either in English or another language, in the name, description, or title under which that person is carrying on business in or from within Anguilla. Further, such consent is required also where the person makes or continues to make any representation in any advertisement, billhead, circular, letter, letterhead, notice, paper or in any other manner that that person is carrying on business as a fund or mutual fund.
Fees to Set up Anguilla Off shore Mutual Funds