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In 2004, Anguilla enacted its Mutual Funds Act ("the Act") which seeks to
establish the jurisdiction as a domicile for offshore hedge funds. The Act
provides for the recognition of private and professional funds, registration
of public funds and licensing of fund managers and administrators. To
distinguish itself from other jurisdictions, Anguilla chose to create a
streamlined process for handling applications. Law firms, fund
administrators and other service providers with a proven track record in the
setting up of hedge or other funds can apply to the Anguilla Financial
Services Commission (AFSC) to gain a fast-track status known as qualified
fund administrator/intermediary (QFAI) which allows them to launch hedge
funds prior to review by the AFSC provided they adhere strictly to guidance
issued by it. The guidance details are to be found on the AFSC's website:
www.fsc.org.ai. The AFSC
will conduct a regulatory review within 30 days of the launch of the fund,
post facto, to ensure that the QFAI exercised its prerogative properly. If
it fails to do so, then the recognition or registration will be revoked and
the QFAI will lose its status. So far one service provider has been granted
the QFAI status but there is increased interest being shown by others.
Using Anguilla's online company formation network, ACORN, which allows for
the formation of an international company 24 hours a day 365 days a...................... To view our full article Click here
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