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  • Fund Administration

    • CIU-1.5.9

      Fund administration activities include the following:

      (a) Fund accounting (including tax returns) and record keeping services for the CIU;
      (b) Maintain a register of CIU participants unless this role is performed independently by another party;
      (c) Preparation of semi-annual and annual accounts for the CIU;
      (d) Preparation of the Quarterly Statistical Report (Form CIU-QS);
      (e) Calculation of dividends, service providers’ fees, performance fees (if any) and other distributions;
      (f) To ensure that the sale, issue, repurchase, redemption and cancellation of CIU units, their value calculations and income application are carried out in accordance with the requirements of the offering documents and the operator’s mandate;
      (g) Valuation, pricing and calculation of NAV;
      (h) Report to the CBB any non-compliance with CIU investment objectives and other terms of the offering documents and relevant regulations of the CBB in relation to the CIU; and
      (i) Handling of client enquiries on matters such as relevant to calculation of NAV and issue and redemption prices.
      Added: April 2022

    • CIU-1.5.10

      The obligation referred to in Paragraph CIU-1.5.9 (h) requires that the fund administrator brings to the attention of the CBB any irregularities and or violation of the requirements of the CBB or the terms of the offering document that come to its attention during the normal course of undertaking its own functions with regards to the CIU for which administration service are provided. The fund administrator shall undertake its functions with diligence and due care. Examples of such deviations or violations can include, assets not in accordance with the investment policy, any noted breaches in liquidations of assets etc. identified based on data available to the fund administrator.

      Added: April 2022