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The provisions relating to licensed mutual funds benefit large, well known and reputable institutions.
The fund submits to the Cayman Islands Monetary Authority:
- a completed registration form (MF3);
- current offering memorandum;
- Certificate of Incorporation, or evidence of registration or establishment of a partnership or unit trust;
- personal questionnaire;
- references and police clearance certificates for all directors of the trustee or general partner.
The Cayman Islands Monetary Authority reviews the documents and considers the promoter’s acceptability to receive a licence for the fund.
The Cayman Islands Monetary Authority has no power to grant the licence until the fund passes the statutory test, satisfying the Authority that:
- each promoter is of sound reputation;
- the administration of the mutual fund will be undertaken by persons who have sufficient expertise to administer the mutual fund and are of sound reputation; and
- the business of the mutual fund and the offer of equity interest will be carried out in a proper way.
If the fund is acceptable, and, on the payment of an application fee the licence will be issued.