Restricted Investment Manager

INTRODUCTION

The object of this memorandum is to provide clients of Walkers with general information on the approval process under the Mutual Funds Act, 1996 (the "Act") in relation to an application for a restricted manager's license to provide management or administration services to a mutual fund.

The comments in this memorandum relate solely to the application procedure in relation to an international business company incorporated under the laws of the British Virgin Islands (the "BVI").

APPLICATION PROCEDURE

The application procedure is straightforward and involves completing an application in the form prescribed by the Financial Services Commission (the "FSC"). Generally, the application process is designed to be streamlined and approval is obtained on average within several weeks of filing a completed application.