The Mutual Funds Act

The Mutual Funds Act

To provide for the regulation, authorisation and control of mutual funds and their managers and administrators carrying on business in or from within Belize. The proposed legislation provides for three categories of funds:

Public Funds
Offers any shares for subscription or purchase to any member of the general public or any section thereof and is not a private fund or professional fund.

1. Must be registered and file a prospectus with the Registrar of Mutual Funds.

2. Maintain adequate accounting records and prepare financial statements.

3. Annual financial statements must be audited by an approved auditor (in Belize or other recognised jurisdiction and must be made available to all investors.

4. Accounting records and audited financial statements must be available to the Registrar of Mutual Funds in Belize.

Private Funds
Less than 50 investors and the constitutional documents prohibit the offering of shares to the general public.

1. Must be recognised by the Registrar of Mutual Funds

Professional Funds
Offered only to professional investors and the initial investment in respect of each investor is not less than US$100,000 (or equivalent) and is designated as a professional fund by its regulations.

1. Must be recognised by the Registrar of Mutual Funds

Professional Investor
A person whose ordinary business involves the acquisition or disposal of property of the same kind as the property, or a substantial part of the property of the fund or who signed a declaration that he has net worth in excess of US$1 million (or equivalent) and that he consents to being treated as a professional investor.

Full exemption from all taxes, stamp duty and exchange control regulations.

Fees:

Public Fund (full registration)	Application	Fee
	US$500	US$500
Public Fund (initial consent)	US$100
Private / Professional Fund	US$350	US$350
Fund Manager or Administrator	US$250	US$500
Fund Manager and Administrator	US$250	US$1,000
Certificate of Compliance	US$25