Based on the Securities Act, Chapter 83:02 of the Laws of the Republic of Trinidad and Tobago (the “Act”), a “collective investment scheme” (“CIS”) means any arrangement with respect to property of any description including money—
(a) the purpose or effect of which is to enable persons taking part in the arrangement, whether by becoming owners of the property or any part of it, or otherwise to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income; and
(b) that does not invest—
i. for the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is itself a collective investment scheme; or
ii. for the purpose of being actively involved in the management of any issuer in which it invests, other than an issuer that is itself a collective investment scheme.
Section 62 of the Act indicates that, unless it is registered with the Commission, no security shall be distributed or listed with any securities exchange.
This includes CISs.
The Checklist for Registration of Local Collective Investment Schemes provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of a CIS.
Application Requirements
Applicants must:
• Apply for auhtorisation of the CIS pursuant to Bye-Law 10 of the Securities(Collective Investment Schemes) Bye-Laws, 2023. Please utilize the Checklist for Authorization of a CIS which identififes the documents typically required for auhtorisation of a CIS.
• Apply for registration of the issuer of the CIS as a Reporting Issuer pursuant to section 61(1) of the Act. Please see this Checklist for Registration of a Reporting Issuer which provides a detailed list of the documents, forms and fees that are generally required in support of applications for registration of Reporting Issuers.
• Apply for registration of the CIS as securities pursuant to section 62(1) of the Act;
Please utilize the Checklist for Registration of Local Collective Investment Schemes
Forms
The items identified above are a summary of the requirements for an application for the registration of a CIS, however, please note that the list is non-exhaustive.
The detailed break-down of requirements are provided within the respective checklists that were identified above.
Registration Fees
No. | Details | Annual Registration Fee (TTD) |
1 | Distribution Filing Fee | $1,000 |
Registration as a Reporting Issuer | $8,000 | |
Prospectus Filing Fee | $17,500 | |
Market Access Fees for Securities (including close end CISs) | 0.01% of the value of the funds raised subject to a minimum of $1,000 | |
Market Access Fees for open end CISs | 0.01% of the value of funds raised |
The fees identified above do not include the fees for:
• Registration as a Reporting Issuer – $8,000
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.