Appendix IV - Business Plan (Fund Administration Provider Business Act 2019)

Summary

This is a template form (Appendix IV) prescribed by the Bermuda Monetary Authority for applicants seeking a licence under the Fund Administration Provider Business Act 2019. It sets out the required contents of the business plan that must accompany an application, covering the first three years of the proposed fund administration business.

• Business overview: Aims and objectives, nature and scale of expected business, and sources from which business is derived
• Group structure: A chart showing the relationship of the applicant to its parent, subsidiaries and affiliates, if applicable
• Financials: Revenue projections including balance sheet and profit and loss for each year, with bases for underlying assumptions, plus capital structure and financing arrangements
• Governance and controls: Proposed systems for internal audit and compliance, including risk management and financial accounting
• Staffing: Management structure, mind and management, organisational structure, staff experience and qualifications, and training plans including AML/compliance officer training
• Operations: Details of premises, fixed assets and equipment, and outsourcing or insourcing arrangements
• Delegation: Any proposals to delegate responsibilities to another person or entity, including names, addresses, and functions to be performed

The form itself does not impose ongoing obligations beyond the licence application process; it specifies the minimum information an applicant must submit as part of its business plan under section 9(2)(a) of the Act.

Key obligations

• Applicants for a fund administration provider business licence must submit a business plan covering the first three years of operation addressing all the listed categories (aims and objectives, business scale and sources, group structure chart, revenue projections and assumptions, capital structure, internal audit/compliance systems, staffing and management details, premises, outsourcing/insourcing arrangements, and delegation proposals with names, addresses and functions of delegates).

Applies to

fund administration providers, applicants for a fund administration provider business licence