Fund Administrators - Securities Commission of The Bahamas
Fees
For the promulgated fees in effect, please refer to the Investment Funds (Fees) Rules, 2020.
Application and Annual Renewal Fees for Investment Funds licensed or registered under the Investment Funds Act
| Category of Licensing | Application Fee | Initial Licensing Fee | Annual Renewal Fee |
| Restricted Investment Fund Administrator (0-24 Funds) | $5,000.00 | $9,375.00 | $13,500.00 |
| Restricted Investment Fund Administrator (25-49 Funds) | $7,500.00 | $12,500.00 | $21,850.00 |
| Restricted Investment Fund Administrator (50 Funds or more) | $11,000.00 | $16,000.00 | $28,500.00 |
| Unrestricted Investment Fund Administrator (0-24 Funds) | $11,000.00 | $16,000.00 | $21,850.00 |
| Unrestricted Investment Fund Administrator (25-49 Funds) | $12,500.00 | $17,500.00 | $30,000.00 |
| Unrestricted Investment Fund Administrator (50 Funds or more) | $16,000.00 | $21,000.00 | $36,850.00 |
Administrative Fees under the Investment Funds Act
| Description | Filing Fee |
| Approval of the appointment or change in a director, operator, chief executive officer or other person for whom initial approval is required | $500.00 |
| Approval of the Issuing, Transferring or Disposing of Shares of the Investment Fund Administrator | $500.00 |
| Approval or change of a Compliance Officer or Money Laundering Reporting Officer (MLRO) | $875.00 |
| Letters of Good Standing | $375.00 |
| Replacement Certificates (per certificate) | $375.00 |
| Approval of change of name and re-issuance of registration certificate (per certificate) | $375.00 |
| Extension to file audited financial statements (1st request) | $875.00 |
| Extension to file audited financial statements (2nd request) | $1875.00 |
| Approval for the Surrender of license or registration Certificate | $375.00 |
| Application for “Exemption” or “Waiver” request | $375.00 |
| Approval of Publication of Advertisement in The Bahamas | $200.00 |
| Re-Launching of a Suspended Fund | $1.250.00 |
| Copies of extracts from Investment Fund Register | $15.00 |
| Request for confirmation of status by AIFM | $125.00 |
Schedule of pro-rated annual fees
Please note that conversion charges will apply for fees remitted via wire transfer (USD).
Applications
To apply to be an Unrestricted or Restricted Administrator of a licensed investment fund, an applicant must submit a completed Third Schedule Form D (Investment Fund Administrator Licence), together with the information and documents specified.
Ongoing Reporting Obligations and Forms
| INVESTMENT FUND ADMINISTRATORS | ||
| OBLIGATION | TIMELINE | LEGISLATIVE REFERENCE |
| RENEWAL OF LICENSE | ||
| Fees | Payment Annually – by January 31 | Section 43 & 54 |
| Annual Declaration | File Annually | Section 43(1)(a) Form B, Schedule 9 |
| Annual Information Update | File Annually | Section 111(1) |
| FINANCIAL REPORTING | ||
| Audited Financial Statements | Within 120 days of fiscal year end | Section 59 |
| Capital Requirement | Ongoing | Section 58 |
| Interim financial and statistical filings | Section 110 and 111(1) | |
| Indemnity Insurance | Ongoing | Section 58 |
| MATERIAL CHANGE REPORTING | ||
| Change in principal office, registered office, or any individual acting as its agent | Within 14 days of any change | Section 36(2) |
| Change in Obligations to the Fund | Immediately | Sections 60 |
| Occurrence of any business in contravention to the Act or other applicable legislation | Immediately | Section 60 |
| Fund is operating prejudicial to investors or creditors | Immediately | Section 60 |
| Change in Director, Operator CEO | Immediately | Section 107 |
| Change in Transfer or disposal of shares | Immediately | Section 57 |
| For notification of Transfer of Administration the particulars prescribed in the Seventh Schedule of the IFR, 2020 should be provided in compliance with Regulation 15 and section 55 of the IFA, 2019. | ||
| Termination Of Administration (by Administrator) | 30 days prior to the date of termination | Section 55(1) |
| Filing Statistical Information (for Investment Funds administered) | Every 6 months – June 30 & December 31 | Section 111(1) |
Other Information
Alerts and Notices
