Appendix I - Application for a Fund Administration Provider Licence

Summary

This is the official BMA application form (Appendix I) that a person or firm must complete to apply for a Fund Administration Provider Licence under the Fund Administration Provider Business Act 2019. It sets out the required supporting documentation, applicant details, and declarations needed for the Bermuda Monetary Authority to assess a licence application.

• Supporting documents: Formation documents, client agreements, completed questionnaires for controllers/directors/officers, a business plan, group structure chart, application fee payment, policies and procedures (compliance, AML/ATF, sanctions, disaster recovery/cybersecurity, outsourcing, internal controls, risk management), and evidence of insurance coverage.
• Applicant details: Corporate information, contact details, registered office and Bermuda business addresses, other jurisdictions of operation, and details of any foreign regulators overseeing the applicant or its subsidiaries.
• Governance and operations disclosures: Names of directors, shareholder controllers, persons who effectively direct the business, and the Money Laundering Reporting Officer and compliance officer.
• Insurance details: Types, limits and deductibles of insurance held, any prior refusal of insurance, and insurer names/addresses.
• Prior issues questionnaire: Disclosure of any past licence refusals, unsatisfied judgments, creditor arrangements, receiverships, liquidation petitions, regulatory investigations, censures, litigation, or professional body refusals affecting the applicant or related entities.
• Declaration: A signed declaration confirming the applicant will conduct business in accordance with the Act, Statement of Principles and Code of Practice, and that the information provided is true.

The form carries a statutory warning that submitting false or misleading information or documents is an offence under Section 62 of the Act, punishable by fines up to $50,000 and/or imprisonment up to four years on indictment.

Key obligations

• The application must be completed by a senior executive or other person with legal capacity to bind the applicant.
• The form must be submitted typed or in block capitals in ink, with each page initialled by the signatory.
• The applicant must attach all required supporting documents (formation documents, client agreements, questionnaires, business plan, group structure chart, fee payment, policies and procedures, insurance evidence) as applicable.
• The applicant must disclose details of directors, shareholder controllers, persons effectively directing the business, and the Money Laundering Reporting Officer/compliance officer.
• The applicant must disclose any prior regulatory refusals, judgments, insolvency events, investigations, censures, litigation, or professional body refusals affecting itself or related entities.
• The signatory must sign a declaration confirming compliance with the Act and the truthfulness of the application, and submit the completed application to fundadmin.filings@bma.bm.
• Providing false or misleading information or documents in connection with the application is a criminal offence under Section 62 of the Act.

Applies to

Fund administration providers (applicants for licensing under the Fund Administration Provider Business Act 2019)