|
MINISTRY OF FINANCE |
S.I. No. 97 of 2005 |
THE INVESTMENT FUNDS ACT |
(Act No. 20 of 2003) |
The Investment Funds (SMART Fund)
Rules, 2005 |
In the exercise of powers
conferred by section 5(3) 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 (SMART Fund) Rules, 2005. | Citation. |
| Interpretation. |
“SFM 005” means SMART Fund Model SFM 005 as
licensed under rule 3; |
“financial institution” means a financial
institution defined in regulation 2 of the Investment Funds Regulations,
2003; | S.I. No. 94 of 2003. |
“term sheet” means the offering document of a
SMART Fund that complies with the offering document requirements as provided in
Schedule 1. |
3. No fund shall be licensed to
operate as a SFM 005 unless - | Description of SFM 005. |
(a) the investment fund is limited to
having no more than five (5) investors who hold equity interests in the
fund; |
(b) each investor in the fund is a
person to whom a professional fund may be offered; |
(c) the fund operates as a private
investment vehicle; and |
(d) the fund has appointed an
administrator, which administrator shall be a financial institution. |
4.(1) Subject to paragraph (2), the
Investment Funds Act and Investment Funds Regulations, 2003 shall apply to a
fund operating as a SFM 005. | Parameters and Requirements of a SFM
005. |
(2) A SFM 005 in relation to the
items set out in column 1 of the table appearing in Schedule 1, shall comply
with the provisions prescribed in Column 2 of that table. | No. 20 of 2003. S.I. No. 94 of 2003. |