The Anguilla Financial Services Commission today granted its fast-track procedure for the domiciliation of hedge and mutual funds to local fund administrator, Folio Administrators (Anguilla) Limited. The fast track procedure formally known as the qualified fund administrator/intermediary status was created by the Commission to provide for the efficient formation of hedge and mutual funds within 24 hours.

The Netting Act, 2006 came into force on October 19, 2006 and now provides certainty for those seeking to net against Anguillan counterparties. The interaction of company and bankruptcy law had previously meant that the basis for netting in Anguilla was uncertain and this was proving increasingly problematic for, amongst others prime brokers dealing with Anguillan hedge funds.

There was considerable legislative activity in Anguilla during the year 2005. Three significant pieces of legislation have been submitted to the House of Assembly as follows and it is anticipated that they will soon be enacted.

This policy guidance sets out a strategy for addressing the fast tracking of private and professional funds, which are required to be recognized under the Mutual Funds Act 2004 ("the Act") with the view towards establishing Anguilla as a jurisdiction of choice in the offshore mutual funds industry.

Anguilla’s position in the global offshore financial services industry has never looked more promising. The main factors which set Anguilla apart are: its stable constitutional position as a British Overseas Territory; its well regulated and competent financial services industry; its status as a true zero-tax jurisdiction; and its market leading, state-of-the-art, Anguilla Commercial Online Registration Network (ACORN), which revolutionises the company formation process.

Anguilla is a British Overseas Territory, having a constitutional relationship with Britain similar to the Cayman Islands, the British Virgin Islands and Bermuda. It lies in the Eastern Caribbean, very near the French/Dutch island of St. Martin/St. Maarten (7 miles), and to the East of Puerto Rico (200 miles) and the British Virgin Islands (94 miles) with St. Kitts and Nevis and Antigua to the South EastThe FA provides for the establishment, operation and regulation of civil law type foundations

Speech made by Mr. John Lawrence, the newly appointed Director of the Financial Services Commission at the Launch of the Financial Services Commission, 2 February 2004, The Valley, Anguilla

Anguilla, a British Overseas Territory, is a relatively recent international financial services jurisdiction. The main pieces of legislation, which were either new or brought up to date since 1995, were: