It emerged on Monday that Anguilla's Financial Services Commission has published new guidance outlining procedures for fast-tracking the creation of hedge funds and mutual funds.
Under the auspices of the Anguilla Mutual Funds Act 2004, the guidelines provide for the granting of "qualified fund intermediary/administrator" status to law firms, financial institutions and fund administrators.
This will allow the formation of funds within a 24 hour period, so long as the designated qualified fund intermediary adheres to all of the relevant rules and regulations.
According to a Caribbean Net News report on the matter, director of the Financial Services Commission, John Lawrence explained this week that the procedure had been put in place in order to ensure that a rapid response can be given to applications for the recognition of hedge funds and mutual funds in the jurisdiction.
However, he acknowledged that regulatory safeguards must be put in place and reviewed regularly in order to ensure that the fast-tracking process is not abused.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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