Section 14Part 3 — Mutual Fund Administration
Annual fee for providing or acting as principal office of mutual fund
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A licensed mutual fund administrator shall, immediately upon starting to provide the principal office of a regulated mutual fund, give the Authority the prescribed details in respect of the mutual fund and pay the prescribed fee in respect of the mutual fund which the Authority shall forward to the Financial Secretary for the benefit of the revenue, and a person who contravenes this provision commits an offence and is liable on conviction t o a fine of twenty thousand dollars.
A licensed mutual fund administrator shall, on or before the 15th January in each year after the date when it started to provide the principal office of a regulated mutual fund, pay the prescribed annual fee in resp ect of that mutual fund to the Financial Secretary for the benefit of the revenue.
A licensed mutual fund administrator shall, on or before the 15th January in each year, pay the prescribed annual licence fee to the Financial Secretary for the benefit of the revenue.
If an annual fee referred to in subsection (2) or (3) is not paid on or before the 15th January in each year, there is payable an additional fee equal to one twelfth of that annual fee for each month or part of a month during which the annual fee and any additional fee imposed by virtue of this subsection remains unpaid.
The Authority may, for good cause, waive any additional fee imposed under subsection (4).
Without prejudice to subsections (1) to (5), if an annual fee referred to in subsection (2) or (3) is not paid on or before the 15th January in each year, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee.
In subsection (6) — “ court ” means the Grand Court or a court of summary jurisdiction, as the case may be. 15. Authority may direct licensed mutual fund administrators to increase capital value, etc. 15 . ( 1 ) If the Authority is satisfied that there is reasonable cause to do so or the net worth of a licensed mutual fund administrator is less than any amount prescribed by section 12(2), it may direct the mutual fund administrator to provide such guarantees or other financial support as it thinks fit or to increase its net worth to such amount as it considers appropriate. ( 2 ) A licensed mutual fund administrator shall comply with a direction given under subsection (1), and a person who contravenes this provision comm its an offence and is liable on conviction to a fine of twenty thousand dollars.