The 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.
The Belize Mutual Funds Act defines a public fund as a fund that offers any shares it issues for subscription or purchase to any member of the general public or any section thereof; and which is registered as a public fund under the Belize Mutual Funds Act.
The entity making the application is Belize:
a) Company
b) Limited partnerships,
c) Unit trust or
The license will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
• The applicant will need at least one shareholder.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.
The License 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 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.
The License, 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
None
USD 350
USD 350
