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MUTUAL FUNDS ACT, 1996

PART IV

Managers and Administrators

22. (1) No person shall, in or from within the Territory, carry on business as manager or administrator of mutual funds unless that person is licensed for the purpose under this Act.

(2) Subsection (1) does not apply to a person who

(a) is not ordinarily resident or domiciled in the Territory;

(b) is a qualified and authorised manager or administrator of mutual funds (by whatever name called) under the laws of a recognised Country or Jurisdiction; and

(c) has received written permission from the Minister to carry on business as manager or administrator of mutual funds in or from within the Territory.

23. (1) A person who wishes to do so may a licence. make an application to the Minister to carry on business in or from within the Territory as

(a) manager;

(b) administrator; or

(c) both manager and administrator of mutual funds.

(2) An application shall be

(a) made in such manner as the Minister may direct; and

(b) accompanied by

(i) the application fee set out in Part II of Schedule 2 Schedule 2 or such other amount as may be prescribed by regulations;

(ii) a statement of the financial and human resources and administrative facilities available to the applicant for the competent and efficient conduct of its business; and

(iii) such other documents or information as the Minister may reasonably require for the purpose of considering the application.

24. (1) The Minister may, in his licences. grant or refuse to grant a licence to any applicant.

(2) The Minister shall not grant a licence unless he is satisfied that the applicant

(a) is a fit and proper person to be engaged in the business of managing or administering the affairs of mutual funds; and

(b) has or has available to him adequate knowledge, expertise, resources and facilities necessary for the proper management or administration of mutual funds.

(3) Notwithstanding subsections (1) and

(2), the Minister shall refuse to grant a licence if he determines that it is not in the public interest that a licence should be granted.

(4) Where the Minister refuses to grant a licence to an applicant, the provisions of section 11 (3) shall apply mutatis mutandis.

25. Where the Minister grants a licence procedure. to an applicant, he shall direct the Registrar accordingly and the Registrar shall

(a) enter the particulars of the applicant in the register maintained by him for the purpose under section 6; and

(b) issue a licence to the applicant as directed by the Minister showing the date on which the licence is granted.