TThe Belize Mutual Funds Act 2000 (Revised 2011) sets forth the regulatory environment for operation of mutual funds in Belize. There are also several additional Regulations on the subject of mutual funds regulation, and a range of Policy Guidelines issued by the Belize Registrar of Mutual Funds (being part of the International Financial Services Commission) and dealing with the finer points of the practical application of the Mutual Funds Act.
A Private Mutual Fund is prohibited from the offering up of its common stock for subscription by the general public. Consequently, this type of fund is limited only to private stock offerings after it has first applied for and received official recognition from the Registrar of Mutual Funds. Thereafter, it can commence its operations with a closed-end group of investors (less than fifty). Certain private funds are designed primarily to provide capital growth while others are intended to preserve capital.
|The entity making the application is a Panamanian company under the Panama's Corporation Law 32 of 1927 e.g. Corporations The entity making the application is Belize: a) Company b) Limited partnerships, c) Unit trust or
|The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
|Shareholder requirements • The investment dealer will need at least one shareholder. Corporate shareholding is allowed and 100% foreign ownership is permitted.
|The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
|The Applicant must employ a fund administrator with no local requirement
|The Applicant must employ a fund manager with no local requirement
|• The applicant must have a custodian approved by the IFSC. • A Custodian licensed and approved locally the minister. • A Custodian licensed and approved under the laws of a recognized country or jurisdiction. • A person with a written permission from the Minister to carry on Business as a Custodian.
|Belize Local Office
|The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission
|The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
|Minimum Capital Requirements