Turks and Caicos IslandsEnvironment
INVESTMENT FUNDS
Collective investment schemes may be created in TCI, either by incorporating a mutual fund company or by establishing a unit trust. Mutual funds and open-ended investment companies are governed by the Companies Ordinance 1981.
Unit trusts are subject to the general laws of equity and trusts and hence are governed more by their trust deed than by statute.
LAW
There is no separate legislation relating to investment funds but a fund is obliged to produce a prospectus which requires approval by the regulatory authorities. A company which acts as trustee must have a licence under the Trustees (Licensing) Ordinance 1992. Restrictions are not imposed on the type of investment which a fund may make; rather the emphasis is on demonstrating the manager's expertise in the investment area selected.
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