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Bahamas Statutory Instruments |
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MINISTRY OF FINANCE |
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S.I. No. 97 of 2005 |
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THE INVESTMENT FUNDS ACT |
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(Act No. 20 of 2003) |
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The Investment Funds (SMART Fund) Rules, 2005 |
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In the exercise of powers conferred by section 5(3) of the Investment Funds Act, 2003 the Securities Commission of The Bahamas makes the following rules - |
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1.
These rules may be cited as
the Investment Funds (SMART Fund) Rules, 2005.
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Citation. |
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2.
In these Rules -
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Interpretation. |
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"SFM 005" means SMART Fund Model SFM 005 as licensed under rule 3; |
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"financial institution" means a financial institution defined in regulation 2 of the Investment Funds Regulations, 2003; |
S.I. No. 94 of 2003. |
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"term sheet" means the offering document of a SMART Fund that complies with the offering document requirements as provided in Schedule 1. |
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3.
No fund shall be licensed to
operate as a SFM 005 unless -
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Description of SFM 005. |
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(a)
the investment fund is limited to
having no more than five (5) investors who hold equity interests in
the fund;
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(b)
each investor in the fund is a
person to whom a professional fund may be offered;
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(c)
the fund operates as a private
investment vehicle; and
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(d)
the fund has appointed an
administrator, which administrator shall be a financial
institution.
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4.(1)
Subject to paragraph (2), the
Investment Funds Act and Investment Funds Regulations, 2003 shall
apply to a fund operating as a SFM
005.
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Parameters and Requirements of a SFM 005. |
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(2)
A SFM 005 in relation to the
items set out in column 1 of the table appearing in Schedule 1,
shall comply with the provisions prescribed
in Column 2 of that
table.
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No. 20 of 2003. S.I. No. 94 of 2003. |
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URL: http://www.commonlii.org/bs/legis/num_reg/tiffr2005397