The Global Scheme is a fund established as a Global Business Corporation (GBC) holding an authorisation as a fully regulated scheme as per the Collective Investment Schemes (CIS) regulations.
This scheme allows the fund manager to determine a minimum investment subscription without the need to satisfy a minimum threshold imposed by the CIS regulations.
The fully regulated means that it has to comply with all regulations and is not entitled to certain exemptions under the CIS regulations.
Why a GBC?
Why should the fund be set up as a Global Business Corporation (GBC)?
The criteria that determine whether a fund should be established as a GBC are based on two factors:
- The majority of its beneficial interest is held and controlled by a non-Mauritius citizen; and
- The purpose is to invest mainly outside of Mauritius.
The application for authorisation as a Global Scheme shall comply with all CIS regulations and shall include inter alia:
- A prospectus or PPM detailing:
- Size of the fund
- Minimum subscription
- Constitutive documents of the GBC.
- AML/CFT procedure manual.
- Evidence to demonstrate how it will comply with the regulations through procedure manuals and operating agreements.
- Details, track record and obligations of each functionary (Investment Manager, Investment Advisor, Custodian, Administrator, Prime Broker, Registrar/Secretary).
- An indication as to who will be responsible for CDD and AML check on the investors.
- Appointment of auditor approved by the Financial Reporting Council of Mauritius.
- Statement of declaration attesting competences of the MLRO and Deputy MLRO.
- CDD on all controlling persons.
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