First published in the Morgan & Morgan newsletter, the IBC Review
As previously reviewed in this publication, the Mutual Funds Act has the stated intention to provide for the regulation, authorization and control of mutual funds, their managers and administrators carrying on business in or from within Belize. In furtherance, this article provides an in-depth review of the three types of Mutual Funds and their requirements. Also discussed is the creation of a sub-class of Public Funds and the appointment of a Registrar.
The Act encompasses the regulation of three types of Mutual Funds. These are:
- Public Funds
- Private Funds
- Professional Funds
A "Public Fund" is defined as one, which offers its shares for subscription or purchase to members of the public. The definition of a "Private Fund" is a mutual fund which has less than fifty investors and the constitutional documents of which prohibits the offering of its shares to the general public. A "Professional Fund" is one
