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MINISTRY OF FINANCE |
S.I. No. 56 of 2004 |
THE INVESTMENT FUNDS ACT |
(Act No. 20 of 2003) |
THE INVESTMENT FUNDS |
(FINANCIAL STATEMENTS EXTENSION OF |
TIME) RULES, 2004 |
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 - |
1. These rules may be cited as
the Investment Funds (Financial Statements Extension of Time) Rules, 2004. | Citation. |
| Interpretation. |
“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. |
“Act” means the Investment Funds Act, 2003; | No. 20 of 2003. |
“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. |
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 - | Applications for extensions by
investment fund. |
(a) the reasons for the fund's
inability to send its audited financial statements to its Licensor within the
prescribed period; |
(b) a proposed date by which the
audited financial statements of the fund shall be sent to its Licensor;
and |
(c) any other information reasonably
required by the Commission. |
(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. |
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 - | Application for extension by fund
administrator. |
(a) the reasons for the
administrator's inability to send its audited financial statements to the
Commission within the prescribed period; |
(b) a proposed date by which the
audited financial statements of the administrator shall be sent to the
Commission; and |
(c) any other information reasonably
required by the Commission. |
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. | Commission to notify Applicant. |
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 - | Application for further extension. |
(a) the reasons for the additional
extension; |
(b) the proposed date by which the
audited financial statements of the fund or of the administrator shall be sent
to the Commission; and |
(c) any other information reasonably
required by the Commission. |
Made this 16th day of July, 2004. |
Signed |
CALVIN KNOWLES |
Chairman |
The Securities Commission of The Bahamas |