Mutual Funds and Protected Cell Companies Acts 2004

The new Mutual Funds Act 2004 came into effect on 1^st October 2004. It covers the registration of public funds, recognition of private and professional funds and licensing of administrators and managers. Under the Act, a mutual fund refers to a company incorporated, a partnership formed, a unit trust organized or other similar body formed under the laws of Anguilla or any other jurisdiction that collects and pools investor monies for the purpose of investing collectively. The fund must also issue shares, or equivalent title, that entitle the holder of those shares to receive on demand or within a specified period after demand an amount calculated by reference to the value of a proportionate interest in the whole or in a part of the net assets of the company, partnership, the unit trust or similar body.