BERMUDA MONETARY AUTHORITY

Transcription

1 BERMUDA MONETARY AUTHORITY GUIDANCE NOTES CLASS A AND CLASS B EXEMPT INVESTMENT FUNDS OCTOBER 2013

2 TABLE OF CONTENTS I. INTRODUCTION... 3 II. CLASS A EXEMPT FUND... 4 QUALIFICATION REQUIREMENTS... 4 CLASS A EXEMPT FUND - ANNUAL REPORTING REQUIREMENTS... 5 III. CLASS B EXEMPT FUNDS... 6 QUALIFICATION REQUIREMENTS... 6 IV. DISQUALIFICATION EVENTS... 7 V. REGISTRATION AS A NON-LICENSED PERSON... 8 VI. TRANSITION PERIOD Page

3 I. INTRODUCTION 1. The passing of the Investment Funds Amendment Act 2013 (the Amendment Act ) on 3 rd October 2013 introduced new categories of exempt investment funds - Class A Exempt Fund and Class B Exempt Fund. 2. The purpose of the Amendment Act was to expand the options for investment funds seeking to establish in Bermuda by introducing two new categories of funds exempt from the requirements for authorisation. 3. This Guidance Note comprises a series of documents, exhibits and appendices that together provide a comprehensive overview of the registration process and the ongoing annual filing requirements in respect of the afore-mentioned new fund categories. 4. While the Bermuda Monetary Authority (the Authority) aims to provide clarity with respect to the process, this Guidance Note cannot be exhaustive. The Authority will do its best, through this, and other guidance, to set out information about the registration and reporting requirements for exempt funds. Ultimately it is the responsibility of the legal entity to ensure its compliance with the Amendment Act. All queries associated with this Guidance Note should be directed to the Authority via the following funds@bma.bm. 3 Page

4 II. CLASS A EXEMPT FUND Qualification Requirements 5. The requirements for qualification as a Class A Exempt Fund are set out in section 6A of the Amendment Act. 6. To register as a Class A Exempt Fund the operator of the fund must certify to the Authority via the Electronic Regulatory Information Compliance Application (ERICA) on or before the commencement of business that the requirements for registration as a Class A Exempt Fund specified in Section 6A(2) of the Amendment Act have been satisfied (see Class A Exempt Fund Registration Form). The operator must also file with the Authority via ERICA a copy of the fund s prospectus. 7. Class A Exempt Funds are only open to qualified participants. For the purposes of the Amendment Act qualified participants has the following meaning as outlined in section 9(2) and 9(3) of the Investment Funds Act 2006: a. High income private investor - an individual who has had a personal income in excess of $200,000 in each of the two years preceding the current year, or has had a joint income with that person s spouse in excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; and current year means the year in which he/she purchases an investment; b. High net worth private investor - an individual whose net worth or joint net worth with that person s spouse in the year in which he/she purchases an investment exceeds $1,000,000; and net worth means the excess of total assets at fair market value over total liabilities; c. Sophisticated private investors - an individual who has such knowledge of, and experience in, financial and business matters as would enable him/her to properly evaluate the merits and risks of a prospective purchase of investments; d. Bodies corporate, each of which has total assets of not less than five million dollars; e. Unincorporated associations, partnerships or trusts, each of which has total assets of not less than five million dollars; f. Bodies corporate, all of whose shareholders fall within one or more of the subparagraphs of this subsection; g. Partnerships, all of whose members fall within one or more of the subparagraphs of this subsection; or h. Trusts, all of whose beneficiaries fall within one or more of the subparagraphs of this subsection. 4 Page

5 8. The operator of a Class A Exempt Fund must appoint an investment manager who is either:- a. Licensed under the Investment Business Act 2003; or b. Authorised or licensed by a federal regulator in the US or the European Union (EU); or c. Carrying on business in or from Bermuda or in a jurisdiction recognised by the Authority, being a person who has gross assets under management of an amount that is not less than $100 million or is a member of an investment management group that has consolidated gross assets under management of an amount not less than $100 million. Recognised jurisdictions shall include the US and the EU; however the operator of the Class A Exempt fund can contact the Authority at funds@bma.bm in advance of registering to discuss the admissibility of any jurisdictions not listed. 9. The operator of a Class A Exempt Fund must appoint an officer, trustee or representative resident in Bermuda who has access to the fund s books and records. 10. The operator of a Class A Exempt Fund must appoint the following persons ( service providers ) to provide services to the fund: a. A fund administrator; b. A registrar; c. An auditor; and d. A custodian or prime broker. Class A Exempt Fund - Annual Reporting Requirements 11. On an annual basis, on or before 30 th June, the operator of a Class A Exempt Fund must certify via the prescribed form in ERICA that the fund meets the requirements specified in section 6A(2) of the Amendment Act and will continue to satisfy them. 12. At the time of the annual certification, the operator of a Class A Exempt Fund must also file a copy of the fund s audited financial statements for the preceding year and where applicable a marked prospectus highlighting all material changes to the document. 13. The financial statements of a Class A Exempt Funds must be prepared annually in accordance with any one of the following standards: a. International Financial Reporting Standards (IFRS); b. Generally Accepted Accounting Standards (GAAP) in Bermuda, Canada, the United Kingdom or the US; or c. Any other such GAAP as the Authority may recognise. 5 Page

6 III. CLASS B EXEMPT FUNDS Qualification Requirements 14. The requirements for qualification as a Class B Exempt Fund are set out in section 7 of the Amendment Act. 15. Class B Exempt Funds are only open to qualified participants as defined under Class A Exempt Fund Qualification Requirements discussed above. 16. The operator of a Class B Exempt Fund must appoint the following persons ( service providers ) to provide services to the fund: a. An investment manager; a. A fund administrator; b. A registrar; c. An auditor; and d. A custodian or prime broker. 17. The operator of a Class B Exempt Fund must appoint an officer, trustee or representative resident in Bermuda, who has access to the books and records of the fund. 18. The operator of a Class B Exempt Fund must make a formal application to the Authority for exemption via ERICA (see Class B Exempt Fund Registration Form) and the Authority must provide approval of the application prior to the commencement of business. The Authority shall notify the applicant within 10 calendar days of receipt of the completed application. Failure by the Authority to notify the applicant of its decision within 10 calendar days shall be considered as approval of the application by the Authority. 19. Where the Authority has requested additional information or documentation in connection with an application to be registered as a Class B Exempt Fund, the time between the giving of the notice and the receipt of the additional information or documentation shall be added to the 10 day period mentioned above. 20. The operator of a Class B Exempt Fund shall apply to the Authority for approval prior to appointing a person to act as director or service provider. Where the Authority deems a proposed director or service provider not to be a fit and proper person to perform the functions of his office, the Authority must within 14 calendar days of receipt of the application for approval, inform the applicant in writing of its objection to the appointment. Where the Authority fails to give notice within the prescribed time, the Authority shall be considered to have no objection to the application for appointment of the director or service provider. 6 Page

7 Class B Exempt Fund - Annual Reporting Requirements 21. The operator of a Class B Exempt Funds must certify to the Authority annually via ERICA on or before 30 th June in the prescribed form that the fund satisfies the requirements for exemption specified in section 7(2) of the Amendment Act and will continue to satisfy them. 22. The operator of a Class B Exempt Fund shall file a copy of the fund s audited financial statements for the preceding year, a marked prospectus highlighting all material changes to the document and a schedule communicating all changes to the directors and service providers. 23. The financial statements of a Class B Exempt Fund shall be prepared annually in accordance with any one of the following standards: a. International Financial Reporting Standards (IFRS); b. Generally Accepted Accounting Standards (GAAP) in Bermuda, Canada, the United Kingdom or the US; or c. Any other such GAAP as the Authority may recognise. IV. DISQUALIFICATION EVENTS 24. A Class A or Class B Exempt Fund ceases to qualify as such if any of the requirements for exemption are not met ( a disqualification event ). The operator of the fund is required to inform the Authority of a disqualification event within 14 calendar days of its occurrence. Failure to do so attracts a civil penalty. The operator is also required to serve notice on the Authority within 45 calendar days of the disqualification event, setting out its proposals as to the manner and time within which it proposes to address the default. 25. The Authority may give directions to the operator of the fund as it considers appropriate to safeguard the interest of investors in the fund, and may direct that the fund ceases to qualify as an exempt fund. 7 Page

8 V. REGISTRATION AS A NON-LICENSED PERSON 26. In conjunction with or prior to the registration as an exempt fund, all non-licensed persons must register under section 9(1) of the Proceeds of Crime (Anti-Money Laundering and Anti- Terrorist Financing Supervision and Enforcement) Act 2008, (the SEA Act ) before commencing business activity. As per section 33 of the SEA Act, it is a criminal offence to carry on business when not registered. 27. The operator of a Class A Exempt Fund, can download the AML/ATF Registration for Non- Licensed persons form from the Authority s website, ( by clicking on the AML/ATF Registration for Non-Licensed Persons button on the Homepage and attaching the completed registration form and the board-approved AML/ATF policies and procedures to the submission form in ERICA when certifying that the requirements under Section 6A(2) of the Amendment Act are met, with the $105 registration fee remitted separately via check or wire to the attention of the AML unit. Alternatively, the operator of a Class A and Class B Exempt Funds can submit the completed registration form and the required registration fee in the amount of $105 along with the board-approved AML/ATF policies and procedures directly to the attention of the Authority s AML unit. VI. TRANSITION PERIOD 28. Effective as of the commencement date of the Amendment Act, applicants will no longer be able to register to be exempt under the repealed provisions. Funds previously registered under the repealed provisions will be grandfathered funds and will continue to be exempt for a further three years. Any such funds can apply to be registered as either a Class A Exempt Fund or a Class B Exempt Fund within the transition period. 8 Page

9 Class A Exempt Fund Registration Form

10 ERICA - Bermuda Monetary Authority Page 1 of 11 10/10/ Account BMA Investment Submissions Support Class A Exempt Fund - ( ) 1. Please provide the following details: Full name of fund:* Registered address:* City:* Parish: Postal code:* Country:* Address:* Is the billing address the same as above?: Yes, the billing address is the same as above No, the billing address is not the same as above If no, billing address: City:* Parish: Postal code:* Country:* Address:* If the company is already formed, please indicate the incorporation date below: Formation date: Fiscal year end month:* (numeric value only) Fiscal year end day:* (numeric value only) For newly formed funds, state the date in respect of which initial audited financial statements are to be prepared: Statement date: If applicable, state the planned termination date of the fund: Termination date:

11 ERICA - Bermuda Monetary Authority Page 2 of 11 10/10/2013 Is the fund listed or proposed to be listed on a recognised stock exchange? Exchange listing:* Listed on a recognised stock exchange Not listed on a recognised stock exchange Please identify the current or proposed exchange listing (if applicable): Stock exchange: The fund is open only to qualified participants,* Confirmed The operator of the fund has appointed as an investment manager for the fund a person who qualifies as one of the following-* If b) has been selected, please identify foreign regulator - If c) has been selected. Please select recognized jurisdiction - The operator of the fund has appointed for the fund an officer, trustee or representative resident in Bermuda who has authority to access the books and records of the fund (see Item 16 below); * The financial statements of the fund are prepared in accordance with any one of the following standards * If iii) has been selected, please identify "Other GAAP" - A Class A Exempt Fund must register as a non-licensed person pursuant to section 9(1) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 before commencing business activity - * I/We will attach the completed Registration form for Non-Licensed Persons together with a copy of the Fund's Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Policies and Procedures to this submission. I/We will make separate application for Registration as a non-licensed person pursuant to the Proceeds of Crime Act 2008 prior to commencing business. 2. Service Provider disclosure The operator of the fund has appointed the following persons ('service providers') to provide services to the fund-* (i) an investment manager; (ii) a fund administrator; (iii)a registrar; (iv) an auditor; and (v) a custodian or prime broker; Services provided:* If other, please indicate service provider type below: Type Other BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No

12 ERICA - Bermuda Monetary Authority Page 3 of 11 10/10/2013 If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size Design HTML Preview The operator of the fund has appointed the following persons ('service providers') to provide services to the fund-* (i) an investment manager; (ii) a fund administrator; (iii)a registrar; (iv) an auditor; and (v) a custodian or prime broker; Services provided:* If other, please indicate service provider type below: Type Other BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size Design HTML Preview The operator of the fund has appointed the following persons ('service providers') to provide services to the fund-* (i) an investment manager; (ii) a fund administrator; (iii)a registrar; (iv) an auditor; and (v) a custodian or prime broker;

13 ERICA - Bermuda Monetary Authority Page 4 of 11 10/10/2013 Services provided:* If other, please indicate service provider type below: Type Other BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size Design HTML Preview The operator of the fund has appointed the following persons ('service providers') to provide services to the fund-* (i) an investment manager; (ii) a fund administrator; (iii)a registrar; (iv) an auditor; and (v) a custodian or prime broker; Services provided:* If other, please indicate service provider type below: Type Other BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size

14 ERICA - Bermuda Monetary Authority Page 5 of 11 10/10/2013 The operator of the fund has appointed the following persons ('service providers') to provide services to the fund-* (i) an investment manager; (ii) a fund administrator; (iii)a registrar; (iv) an auditor; and (v) a custodian or prime broker; Services provided:* If other, please indicate service provider type below: Type Other BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size Design HTML Preview Add Service Provider 3. Confirm below that the fund is seeking to be a Class A Exempt Fund: Class A Exempt Fund 4. Please detail fund type (if hedge fund see item 5): Balanced Fund Fixed Income/ Bond Fund Fund of Funds Guaranteed Fund Long Only Equity Money Market Fund Other

15 ERICA - Bermuda Monetary Authority Page 6 of 11 10/10/2013 Real Estate/ Property Fund 5. If a hedge fund please identify relevant strategies: Arbitrage Equity Long/ Short Event Driven Fund of Funds Guaranteed Fund Market Neutral Multi-Strategy Other 6. Indicate the names of intended sub-funds, classes or segregated accounts being created. Add sub-fund, class, or SAC 7. Select fund structure details: Feeder Fund If a feeder fund please provided master fund details in section 10. Master Fund If a master fund please provided feeder fund details in section 9. Umbrella Fund Umbrella Trust 8. Indicate the legal form of establishment: Company (other than SAC) Limited Partnership Segregated Account Company (SAC) Unit Trust 9. Provide details of any feeder funds: Add Feeder Fund 10. Offer type and details: Offering type: Main dealing currency:* Minimum investment amount:* Private offering Minimum amount to be raised by offering: Amount:*

16 ERICA - Bermuda Monetary Authority Page 7 of 11 10/10/ Enter trading and investment strategy details: Subscription frequency:* Does the fund charge front end fees?:* Yes, the fund charges front end fees No, the fund does not charge any front end fees If yes, detail the amount charged as a % value: Front end fees: Redemption frequency: Does the fund impose an initial lock up period on redemptions?:* Yes, the fund imposes an initial redemption lock up period No, the fund does not impose an initial redemption lock up period If the fund imposes an initial lock up period on redemptioms, state the duration below in months: Initial lock up period: Does the fund charge early redemption fees?:* Yes, the fund charges early redemption fees No, the fund does not charge early redemption fees If yes, detail the amount charged as a % value: Early redemption fees: NAV frequency:* Does the fund intend to use leverage to increase exposure of fund assets?:* Yes, the fund intends to use leverage No, the fund does not intend to use leverage If the fund intends to use leverage state the limits to be employed as a precentage of net assets below: Leverage % of net assets: If the fund intends to use leverage state the limits to be employed as a precentage of gross assets below: Leverage % of gross assets: Will the fund use derivatives as a means to increase exposure (not hedging) of fund assets?:* Yes, the fund will use derivatives No, the fund will not use derivatives Describe the fund's investment strategy (or indicate where in the offering document such description is given) Investment strategy:* Size Design HTML Preview State the fund's investment concentration region(s) (or indicate where in the offering document such description is given):

17 ERICA - Bermuda Monetary Authority Page 8 of 11 10/10/2013 Investment region: Size Design HTML Preview If applicable, identify the primary industry in which the fund is investing (or indicate where in the offering document such description is given): Primary investment industry: Size Design HTML Preview Describe any investment restrictions imposed on the fund (or indicate where in the offering document such description is given). Investment restrictions: Size Design HTML Preview Describe the fund's significant risks (or indicate where in the offering document such description is given): Significant risks: Size Design HTML Preview 12. Provide details of any master fund: Add Master Fund 13. List all of the fund Directors: Note: a completed Personal Declaration Form must be completed for each new director not already known to the Authority (see section 19). Surname:* Forename:* Middle name:

18 ERICA - Bermuda Monetary Authority Page 9 of 11 10/10/2013 Country of residence:* Role:* If other selected, please insert role details below: Size Design HTML Preview Add Fund Director 14. Provide details of any general partners: Add General Partner 15. Provide details of any trustees: Add Trustee 16. Indicate the officer, trustee or representative resident having access to the fund's books & records: Books and Record Access 17. Identify person authorised by the fund to apply for exemption: I, the undersigned, hereby certify to the Bermuda Monetary Authority on behalf of the fund. The particulars set out in this application form are true to the best of my information, knowledge and belief. I confirm that the fund meets the criteria to be designated a Class A Exempt Fund, as set out in Section 6A of the Investment Funds Act, Surname:* Forename:* Middle name: Please indicate the capacity in which you are signing on behalf of the fund: Signing capacity:* Address: City: Parish/State/Prov:: Postal code: Country: Phone #:* * Add Authorisation Applicant

19 ERICA - Bermuda Monetary Authority Page 10 of 11 10/10/ Complete a Personal Declaration for each Director or Operator not already known to the Authority: Complete a Personal Declaration 19. If the fund is not intending to appoint a custodian please complete the request below: Request a Custodian Exemption *N.B. All fields marked with an asterisk (*) are required Save Form Attachments: The following documents should be attached to this submission: - A copy of the fund's offering document(s) - Signed copy(ies) of any Personal Declaration Form - Non-licensed person completed registration form (if applicable) - AML/ATF Policies and Procedures Documentation (if applicable) - Any other relevant information Select attachments: Select Remove Add Delete Upload Additional comments: Size Design HTML Preview Enter client reference: Filing I/We, the applicant(s) and/or submitting agent confirm that the particulars set out in this submission form are true to the best of our knowledge and belief. The original signed documents relating to the electronic submission shall be maintained at the office of the submitting agent and/or registered office(s) of the Entity and will be provided to the Authority upon request. Note: Signed documents may be kept in electronic form with the proper e-signature as permitted under the Electronic Transactions Act In addition, I/We agree to pay the BMA submission filing fee of $1, for this application which will be invoiced to us by the BMA. Check this box to confirm that you've understood and complied with the previous statements. File submission reference with the BMA

20 ERICA - Bermuda Monetary Authority Page 11 of 11 10/10/2013 Copyright Bermuda Monetary Authority. All rights reserved. Privacy Policy Disclaimer

21 Class B Exempt Fund Registration Form

22 ERICA - Bermuda Monetary Authority Page 1 of 8 10/11/ Account BMA Investment Submissions Support Class B Exempt Fund - ( ) 1. Please provide the following details: Full name of fund:* Registered address:* City: Parish: Postal code:* Country:* Contact * Is the billing address the same as above?: Yes, the billing address is the same as above No, the billing address is not the same as above If no, billing address: City: Parish: Postal code: Country: Contact * If the company is already formed, please indicate the incorporation date below: Formation date: Fiscal year end month:* Fiscal year end day:* For newly formed funds, state the date in respect of which initial audited financial statements are to be prepared: Statement date: If applicable, state the planned termination date of the fund: Termination date: Is the fund listed or proposed to be listed on a recognised stock exchange? Exchange listing:* Listed on a recognised stock exchange Not listed on a recognised stock exchange

23 ERICA - Bermuda Monetary Authority Page 2 of 8 10/11/2013 Please identify the current or proposed exchange listing (if applicable): Stock exchange: 2. Confirm below that the fund is seeking to be a Class B Exempt Fund: Class B Exempt Fund 3. Please confirm that that fund is open only to qualified investors: Qualified Investors 4. Indicate the legal form of establishment: Company (other than SAC) Limited Partnership Segregated Account Company (SAC) Unit Trust 5. Please detail fund type (if hedge fund see item 6): Balanced Fund Fixed Income/ Bond Fund Fund of Funds Guaranteed Fund Long Only Equity Money Market Fund Other Real Estate/ Property Fund 6. If a hedge fund please identify relevant strategies: Arbitrage Equity Long/ Short Event Driven Fund of Funds Guaranteed Fund Market Neutral Multi-Strategy Other 7. Indicate the names of intended sub-funds, classes or segregated accounts being created. Add sub-fund, class, or SAC

24 ERICA - Bermuda Monetary Authority Page 3 of 8 10/11/ Select fund structure details: Feeder Fund If a feeder fund please provided master fund details in section 10. Master Fund If a master fund please provided feeder fund details in section 9. Umbrella Fund Umbrella Trust 9. Provide details of any feeder funds: Add Feeder Fund 10. Provide details of any master fund: Add Master Fund 11. Offer type and details: Offering type: Main dealing currency:* Minimum investment amount:* Public offering Private offering Minimum amount to be raised by offering: Amount:* 12. Enter trading and investment strategy details: Subscription frequency:* Does the fund charge front end fees?:* Yes, the fund charges front end fees No, the fund does not charge any front end fees If yes, detail the amount charged as a % value: Front end fees: Redemption frequency: Does the fund impose an initial lock up period on redemptions?:* Yes, the fund imposes an initial redemption lock up period No, the fund does not impose an initial redemption lock up period If the fund imposes an initial lock up period on redemptioms, state the duration below in months: Initial lock up period: Does the fund charge early redemption fees?:* Yes, the fund charges early redemption fees No, the fund does not charge early redemption fees

25 ERICA - Bermuda Monetary Authority Page 4 of 8 10/11/2013 If yes, detail the amount charged as a % value: Early redemption fees: NAV frequency:* Does the fund intend to use leverage to increase exposure of fund assets?:* Yes, the fund intends to use leverage No, the fund does not intend to use leverage If the fund intends to use leverage state the limits to be employed as a precentage of net assets below: Leverage % of net assets: If the fund intends to use leverage state the limits to be employed as a precentage of gross assets below: Leverage % of gross assets: Will the fund use derivatives as a means to increase exposure (not hedging) of fund assets?:* Yes, the fund will use derivatives No, the fund will not use derivatives Describe the fund's investment strategy (or indicate where in the offering document such description is given) Investment strategy:* Size Design HTML Preview State the fund's investment concentration region(s) (or indicate where in the offering document such description is given): Investment region: Size Design HTML Preview If applicable, identify the primary industry in which the fund is investing (or indicate where in the offering document such description is given): Primary investment industry: Size Design HTML Preview Describe any investment restrictions imposed on the fund (or indicate where in the offering document such description is given). Investment restrictions: Size

26 ERICA - Bermuda Monetary Authority Page 5 of 8 10/11/2013 Describe the fund's significant risks (or indicate where in the offering document such description is given): Significant risks: Size Design HTML Preview 13. Provide details of all fund service providers: Services provided:* If other, please indicate service provider type below: Type Other Value BMA number: Provider name:* Provider website: Is the provider regulated by an oversight body in a jurisdiction outside of Bermuda? Yes No If yes, indicate the oversight body: Has the provider ever been convicted of a regulatory or a criminal offence? Yes No If so, please give particulars: Size Design HTML Preview Add Service Provider 14. List all of the fund Directors: Note: a completed Personal Declaration Form must be completed for each new director not already known to the Authority (see section 19).

27 ERICA - Bermuda Monetary Authority Page 6 of 8 10/11/2013 Surname:* Forename:* Middle name: Country of residence:* Role:* If other selected, please insert role details below: Size Design HTML Preview Add Fund Director 15. Provide details of any general partners: Add General Partner 16. Provide details of any trustees: Add Trustee 17. Indicate the officer, trustee or representative resident having access to the fund's books & records: Books and Record Access 18. Identify person authorised by the fund to apply for exemption: I, the undersigned, hereby make application to the Bermuda Monetary Authority on behalf of the fund. The particulars set out in this application form are true to the best of my information, knowledge and belief. I confirm that the fund meets the criteria for exemption as set out in Section 9 of the Investment Funds Act, Surname:* Forename:* Middle name: Please indicate the capacity in which you are signing on behalf of the fund: Signing capacity:* Address: City: Parish/State/Prov:: Postal code: Country:

28 ERICA - Bermuda Monetary Authority Page 7 of 8 10/11/2013 Phone #:* * Add Authorisation Applicant 19. Complete a Personal Declaration for each Director or Operator not already known to the Authority: Complete a Personal Declaration 20. If the fund is not intending to appoint a custodian please complete the request below: Request a Custodian Exemption *N.B. All fields marked with an asterisk (*) are required Save Form Attachments: The following documents should be attached to this submission: - A copy of the fund's offering document(s) - Signed copy(ies) of any Personal Declaration Form - Any other relevant information Select attachments: Select Remove Add Delete Upload Additional comments: Size Design HTML Preview Enter client reference: Filing I/We, the applicant(s) and/or submitting agent confirm that the particulars set out in this submission form are true to the best of our knowledge and belief. The original signed documents relating to the electronic submission shall be maintained at the office of the submitting agent and/or registered office(s) of the Entity and will be provided to the Authority upon request. Note: Signed documents may be kept in electronic form with the proper e-signature as permitted under the Electronic Transactions Act In addition, I/We agree to pay the BMA submission filing fee of $1, for this application which will be invoiced to us by the BMA. Check this box to confirm that you've understood and complied with the previous statements.

29 ERICA - Bermuda Monetary Authority Page 8 of 8 10/11/2013 File submission reference with the BMA Copyright Bermuda Monetary Authority. All rights reserved. Privacy Policy Disclaimer

30 Electronic Regulatory Information Compliance Application (ERICA) Instructions

31 Electronic Regulatory Information Compliance Application (ERICA) Industry User Guide System Administrators March 2013 FINAL: Last modified:

32 Contents 1) Introduction... 3 What is ERICA? ) Accessing and Searching the ERICA Portal... 3 Accessing the ERICA Portal... 3 How to Find What You Are Looking for in the ERICA Portal... 4 Support and General Feedback... 5 Account Management and Signing Out of the ERICA Portal... 6 Change Password... 7 Reset Password... 9 Forgot Username Tracking Transactions by Entity Managing Accounts within Your Company Creating a New User Managing Alerts Managing Filing Permissions Sign Out Appendix: ERICA FAQ FINAL: Last modified:

33 1) Introduction What is ERICA? The Electronic Regulatory Information Compliance Application (ERICA) is a secured web portal the Bermuda Monetary Authority (the Authority, or BMA) developed to receive, track, and process regulatory filings, material changes, and other types of submissions the BMA receives. ERICA is a highly accessible system available 24 hours a day / seven days a week via any web browser. This Industry User Guide will provide you with a complete overview of the ERICA portal. It also acts as a reference tool with detailed instructions and screenshots on how to perform certain operations, as well as to file and manage electronic submissions to the BMA via ERICA. 2) Accessing and Searching the ERICA Portal The ERICA portal will be the main entry point for industry to manage and file submissions with the BMA. The following section covers system functions available via ERICA. Accessing the ERICA Portal Once you have been successfully enrolled by the Authority and your account has been granted access to ERICA, you may connect to the portal via the following website address: Upon connecting to the URL, you will be prompted for your user name and password, as shown below: (Login prompt for user credentials) FINAL: Last modified:

34 How to Find What You Are Looking for in the ERICA Portal A global navigation menu is available in the header of each web page in the ERICA portal. Hovering over each section in the main navigation menu with your mouse cursor will provide a sub menu of links as highlighted in the screenshot below: Mouse cursor hovered over Submissions navigation menu reveals submission management sub menu The ERICA navigation hierarchy supports drop down menus within sub menus. A drop down menu can be identified by the arrow icon pointing to the right indicating the sub menu can be expanded: Example of accessing a navigation item three menus deep FINAL: Last modified:

35 Support and General Feedback You will find contact information for ERICA support and feedback under the Support navigation menu. Additionally you will find links to training documentation and other training materials as they are made available. ERICA support page with links to support and training materials You can submit general enquiries and feedback about the ERICA portal using the information provided in the Contact Us web page under the support navigation menu as shown in the screenshot below: Contact us page with link to ERICA feedback address: For urgent support matters, call (441) , and ask for the ERICA Support Team. FINAL: Last modified:

36 Account Management and Signing Out of the ERICA Portal The Account navigation menu will provide links to take you to the account management pages, or to sign out of the system. For security reasons it is recommend you always sign out when exiting the ERICA portal to terminate your session. User s mouse is hovered over the Account group exposing account management links FINAL: Last modified:

37 Change Password The Account Password page will allow you to change your ERICA password. To complete the change you must enter your old password once and your new password twice. Change password page FINAL: Last modified:

38 Please note the below error messages will be displayed if your proposed new password does not meet BMA password standards: Change password failed message FINAL: Last modified:

39 Reset Password In the event that you forget your password, ERICA has a built in reset password function. To reset your password, insert the below web address: Self service password reset form You must enter your ERICA username on this form. If your username is valid, the ERICA portal will send a password reset to the address associated with the account. The will contain instructions to complete the password reset process, as shown below: ERICA password reset FINAL: Last modified:

40 Clicking the link embedded in the will take you to the password reset form. The form looks and feels similar to the Change Password form with the exception that you do not need to enter your password (you already verified yourself by clicking the link embedded in the .) Reset password confirmation page FINAL: Last modified:

41 Please note that similar password restrictions are in effect for the Reset Password page as there are for the Change Password page. Reset password failed message FINAL: Last modified:

42 Forgot Username In case you forget your username, you can navigate to the Forgot Username webpage via this address: You can retrieve your username by entering the address associated with your account as shown below: Forgot Username page Forgot Username notifying you of your ERICA account username details FINAL: Last modified:

43 Tracking Transactions by Entity Explained in further detail in the next section below, you can be given Finance Rights within ERICA. If you are set up with Finance Rights, you will be able to access the Account Transactions page. This page contains a list of completed transactions for your entity for a given period. For your convenience these transactions are also subtotalled by Client Reference number, as shown below: Account transactions for the selected period FINAL: Last modified:

44 Managing Accounts within Your Company The Account Users page will only be available for your company s administrators. From this page, administrators can: enable or disable user accounts; create new users; select user permissions; update account details; and select BMA alerts the user is subscribed to. ERICA s user management page FINAL: Last modified:

45 Creating a New User Selecting the Add new user link at the top of the Account Users table opens up the 'create new user' window. From here, the administrator needs to complete a form containing the new account information, as shown below: ERICA user details management page **N.B. The administrator is able to create other administrators. ** FINAL: Last modified:

46 Managing Alerts Selecting the PDF icon in the publications column will manage BMA notifications you have subscribed to. alerts configuration page FINAL: Last modified:

47 Managing Filing Permissions Selecting the pencil icon in the Authorisations column will open up the Submission Authorisation page as shown in the below print screen. This feature allows the administrator to control which user accounts are authorised to file specific submission types to the BMA. FINAL: Last modified: Submission Authorisations page 17

48 If the user is not granted access for a specific submission type, they are still able to prepare the submission form. However, the filing function will be disabled for that user. For example you can prepare a submission and then reassign the submission to another user, perhaps an authorised signatory, to review, approve, and submit the form to the BMA. Sign Out The sign out button will terminate your session and log you off the system. After performing this step you will need to re enter your credentials to access the portal again. ERICA sign out confirmation screen You may reconnect to the ERICA portal by clicking the Sign In link or by manually inserting the ERICA URL into your web browser. FINAL: Last modified:

49 Appendix: ERICA FAQ 1. Q: I have multiple/duplicate submissions in my queue, how do I avoid/remove these? A: Duplicate submissions can be deleted or managed from the My Submissions page. To avoid duplicate submissions, always review the My Submissions page first to identify submissions that are currently in progress. 2. Q: Can the internet Back button be used when browsing ERICA web pages? A: The BMA strongly urges users to not use the Back button for navigating web pages in ERICA. Doing so may result in web page slow downs or you may encounter a system error notification 3. Q: Upon initial entry into the ERICA system, why does it take a long time to load the first web page? A: The delay is entirely dependent on how often a user accesses the system. Web pages are cached and it may take some time to load the web page if a user logs into ERICA on an infrequent basis. 4. Q: Can I assign more than one system administrator to my company? A: Yes. The initial system administrator can create as many additional administrators and users as they see fit. User access and privileges are controlled by the system administrators assigned to each company. [END] FINAL: Last modified: