Offshore Update: Anguilla FSC announces fast-track fund formation
A new guidance paper from the Anguilla FSC details a procedure for fast-tracking private and professional funds under the Anguilla Mutual Funds Act 2004.
The procedure grants a designated status known as a "qualified fund administrator/intermediary" to fund administrators, law firms and financial institutions, which meet established criteria detailed in the guidance paper. The status allows the fast-track formation of private and professional funds under the authority of the FSC and with its prior approval.
This means that funds can be formed within 24 hours as long as the qualified fund administrator/intermediary adheres to the terms of Anguilla's mutual funds legislation and specific guidance issued by the FSC. The qualified fund administrator/intermediary will then be required to submit full application details for further review by the FSC. The FSC has reserved the right to review the status of each fund formed to ensure that the qualified fund administrator/intermediary is adhering to its procedures.
In announcing the creation of this fast-track procedure, John Lawrence, director of the FSC stated that the status was created to ensure that the FSC can respond quickly to applications for the recognition of mutual and hedge funds.
Lawrence added that Anguilla has been careful to ensure that the requisite regulatory safeguards are in place to ensure that the status is not abused and the FSC will review the performance of each qualified fund administrator/intermediary on a constant basis to ensure adherence to the law and to international standards.
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