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Requirements for a Collective Investment Scheme Custodian Licence

The legislation requires that an entity satisfy the following conditions to qualify for a Collective Investment Scheme Custodian Licence:

  1. The applicant is a bank or financial institution licensed under the Banking Act; is a trust company which is a subsidiary of such bank or financial institution; orin the case of any other company, has the prescribed minimum issued and paid up capital of no less than Two Hundred and Fifty Thousand Eastern Caribbean Dollars (EC$250,000.00) and the ECSRC is satisfied that the applicant has the experience necessary to enable it to conduct its business and to carry out its obligations as a custodian of a collective investment scheme.

  2. The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the ECSRC.

  3. The applicant must be a company of good reputation. The directors and officers of the applicant must also be persons of good character and reputation. The directors and staff of the applicant should have the requisite education, qualifications and experience to perform the services for which the licence is required.

  4. The applicant must have sufficient financial resources to undertake the services for which the licence is required.

  5. The applicant must have premises acceptable to the ECSRC. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.

  6. As part of the licensing process, physical on-site due diligence examinations of the applicant’s specified business premises may be conducted by the ECSRC. The costs of which will be borne by the applicant. Physical onsite due diligence examinations may include examinations during: 1) the application / pre-licensing phase; and 2) post licensing. The costs associated with the physical on-site due diligence examinations are separate from the fees prescribed by the Securities (Licences and Fees) Regulations.

  7. The ECSRC on approval of an application for a licence, shall grant a licence to the applicant on payment by the applicant of a licence fee of Four Thousand Eastern Caribbean Dollars (EC$4,000.00).

  8. Licences are to be renewed annually on 1 April. On application for renewal of a licence, the ECSRC, if satisfied that the applicant is in good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee of Three Thousand Eastern Caribbean Dollars (EC$3,000.00).
Documents to be submitted

A duly completed application form (typewritten) for a Collective Investment Scheme Custodian licence (

FORM 6 – CIS 3

).  This form shall be accompanied by the following documents (or copies):

Please refer to the General Application Procedures  for more information on how to apply.