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Authorized Collective Investment Schemes Service Providers
Authorized Collective Investment Schemes Service Providers are companies that provide certain securities-related services to Collective Investment Schemes (“CISs”). Only companies can be Authorized as CIS Service Providers. These companies are required to seek the Commission’s authorization to do provide these services:
- Custodians
- Responsible Persons
Custodian
Based on the Securities (Collective Investment Schemes) Bye-laws 2023 (the “CIS Bye-Laws”), a custodian means a person that provides custody or safekeeping of the assets of a CIS but does not include a sub-custodian.
Bye-law 44 of the CIS Bye-Laws provides that CISs much have a Custodian that is authorized by the Commission. By-law 45 of the CIS Bye-laws identifies some of the pre-requisites for the Authorization as a Custodian. The provides a detailed list of the documents, forms and fees that are generally required in support of these applications.
Application Requirements
- Submission of completed Form 26
- Submission of fees in the amount of TT$20,000 (or TT$25,000 if the applicant is also seeking authorization as a Responsible Person for a CIS).
The items identified above are a summary of the requirements for an application for the Authorization of a Custodian, however, please note that the list is non-exhaustive.
A detailed break-down of authorisation requirements is provided within the checklist identified above.
Please see here for a detailed list of the Commission’s fees: Fee Schedule.
Kindly note that fees are payable in advance and are non-refundable.
Responsible Person
Based on the Securities (Collective Investment Schemes) Bye-laws 2023 (the “CIS Bye-Laws”), a Responsible Person is a company that is authorized by the Commission and is responsible for supervising the operations and management of CIS and ensuring that it is managed in accordance with the offering documents, the relevant governing legislation, and the acceptable business practices that exist within the mutual fund industry.
Bye-law 34 of the CIS Bye-Laws provides that CISs much have a Responsible Person that is authorized by the Commission. By-law 35 of the CIS Bye-laws identifies some of the pre-requisites for the Authorization as a Responsible Person. The Checklist for the Authorization of a Responsible Person provides a detailed list of the documents, forms and fees that are generally required in support of these applications.
Application Requirements
• Submission of completed Form 26
• Submission of fees in the amount of TT$20,000 (or TT$25,000 if the applicant is also seeking authorization as a Custodian for a CIS).
The items identified above are a summary of the requirements for an application for the Authorization of a Responsible Person, however, please note that the list is non-exhaustive.
A detailed break-down of authorisation requirements is provided within the respective checklist identified above.
Please see here for a detailed list of the Commission’s fees: Fee Schedule.
Kindly note that fees are payable in advance and are non-refundable.