Fund Administrators

Fees

For the promulgated fees in effect, please refer to the Investment Funds (Amendment) Regulations, 2017

Category of Licensing Application Fee Initial Licensing Fee Annual Renewal Fee
Restricted Investment Fund Administrator (0-24 Funds) $4,000.00 $7,500.00 $10,750.00
Restricted Investment Fund Administrator (25-49 Funds) $6,000.00 $10,000.00 $17,500.00
Restricted Investment Fund Administrator (50 Funds or more) $8,750.00 $12,750.00 $22,750.00
Unrestricted Investment Fund Administrator (0-24 Funds) $8,750.00 $12,750.00 $17,500.00
Unrestricted Investment Fund Administrator (25-49 Funds) $10,000.00 $14,000.00 $24,000.00
Unrestricted Investment Fund Administrator (50 Funds or more) $12,750.00 $16,750.00 $29,500.00

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 $400.00
Approval of the Issuing, Transferring or Disposing of Shares of the Investment Fund Administrator $400.00
Approval or change of a Compliance Officer or Money Laundering Reporting Officer (MLRO) $700.00
Letters of Good Standing $300.00
Replacement Certificates (per certificate) $300.00
Approval of change of name and re-issuance of registration certificate (per certificate) $300.00
Extension to file audited financial statements (1st request) $700.00
Extension to file audited financial statements (2nd request) $1500.00
Approval for the Surrender of license or registration Certificate $300.00
Application for “Exemption” or “Waiver” request $300.00
Approval of Publication of Advertisement in The Bahamas $150.00
Late payment of annual renewal fee 1/12 of the amount of annual fee payable for each month the payment remains outstanding
Late filing of Audited Financial Statements Up to $1,000.00 for each month (or portion thereof) the payment remains outstanding.
Copies of extracts from Investment Fund Register $10.00
Request for confirmation of status by AIFM $100.00

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
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