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Bahamas Statutory Instruments |
MINISTRY OF FINANCE |
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S.I. No. 56 of 2004 |
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THE INVESTMENT FUNDS ACT |
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(Act No. 20 of 2003) |
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THE INVESTMENT FUNDS |
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(FINANCIAL STATEMENTS EXTENSION OF |
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TIME) RULES, 2004 |
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In the exercise of powers conferred by section 46(2) 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 (Financial Statements Extension of Time)
Rules, 2004.
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Citation. |
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2.
In these Rules -
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Interpretation. |
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"audited financial statements" mean the audited financial statements required by sections 31(2) or 42(2) of the Investment Funds Act, 2003; |
No. 20 of 2003. |
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"Act" means the Investment Funds Act, 2003; |
No. 20 of 2003. |
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"prescribed period" means the period within which the audited financial statements of an investment fund or of an investment fund administrator must be sent to the licensor of the fund or the Commission pursuant to sections 31(2) or 42(2) of the Act. |
No. 20 of 2003. |
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3.(1)
An application for an
extension of the period within which an investment fund shall send
its audited financial statements to its licensor
pursuant to
section 31(2) of the Act shall be made to the Commission in writing
seven days before the expiration of the prescribed
period and shall
include -
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Applications for extensions by investment fund. |
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(a)
the reasons for the fund's
inability to send its audited financial statements to its Licensor
within the prescribed period;
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(b)
a proposed date by which the
audited financial statements of the fund shall be sent to its
Licensor; and
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(c)
any other information reasonably
required by the Commission.
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(2)
Where the Commission grants an
extension to a fund which is licensed by an unrestricted investment
fund administrator the fund shall
send a copy of its audited
financial statements to its Licensor and the Commission on or
before the expiration of the period for
which the extension was
granted.
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4.
An application for an
extension of the period within which an investment fund
administrator shall send its audited financial statements
to the
Commission pursuant to section 42(2) of the Act shall be made to
the Commission in writing seven days before the expiration
of the
prescribed period and shall include -
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Application for extension by fund administrator. |
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(a)
the reasons for the
administrator's inability to send its audited financial statements
to the Commission within the prescribed period;
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(b)
a proposed date by which the
audited financial statements of the administrator shall be sent to
the Commission; and
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(c)
any other information reasonably
required by the Commission.
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5.
Where the Commission grants an
extension of the prescribed period the Commission shall notify the
applicant of the period for which
the extension has been
granted.
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Commission to notify Applicant. |
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6.
Where an investment fund or an
investment fund administrator has been granted one extension of the
prescribed period and is unable
to meet the extended date, any
application for a further extension shall be made to the Commission
in writing fourteen days before
the expiration of the period for
which the extension was granted and shall include -
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Application for further extension. |
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(a)
the reasons for the additional
extension;
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(b)
the proposed date by which the
audited financial statements of the fund or of the administrator
shall be sent to the Commission; and
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(c)
any other information reasonably
required by the Commission.
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Made this 16th day of July, 2004. |
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Signed |
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CALVIN KNOWLES |
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Chairman |
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The Securities Commission of The Bahamas |
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