The implementation of the new Investment Funds Act 2006 introduces the requirement for fund administrators carrying on fund administration business in or from Bermuda to become licensed. All prospective applicants are required to obtain a Fund Administrator Licence by 30th April 2008.
The following additional information should form part of all applications:
- Anti-Money Laundering and Anti-Terrorist Financing policies and procedures to ensure compliance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
- Proof that the minimum net asset requirement of $50,000 is secured
- Certificate of adequate insurance cover obtained
- Certificate of Incorporation & Memorandum & Articles of Association
- An application fee as prescribed in the 'Fees & Penalties' section and
- Additional documents the Authority may require