Appendix V - Statement of Compliance (Fund Administration Provider Business)

Summary

This is the prescribed Statement of Compliance form that every licensed Fund Administration Provider in Bermuda must complete and submit to the Bermuda Monetary Authority under Part VI, Section 30 of the Fund Administration Provider Business Act 2019. An officer of the licence holder signs the form to confirm compliance with Part VI of the Act during the relevant financial year, or to disclose exceptions.

• Purpose: Formal officer attestation, on behalf of the licence holder, of compliance (or non compliance with specified exceptions) with Part VI of the Fund Administration Provider Business Act 2019 for the financial year ended.
• Who signs: Two authorised signatories (e.g. Director/CEO) must sign, print their names and titles, and date the form.
• Content options: The signatory must select either (a) full compliance with Part VI, or (b) compliance except for matters detailed in an attached explanation.
• Penalty for non filing: Failure to deliver the required Statement of Compliance renders the undertaking liable on summary conviction to a fine of $10,000.

The form itself does not compute or state a specific calendar deadline but ties submission to four months after each licence holder's financial year end, recurring annually.

Key obligations

• Every licensed Fund Administration Provider must deliver a completed Statement of Compliance to the Bermuda Monetary Authority within four months from the end of its financial year.
• The Statement must be signed by two authorised officers (e.g. Director/CEO), stating either full compliance with Part VI of the Act or compliance with exceptions detailed in the form.
• Any undertaking that fails to deliver the required Statement of Compliance is liable on summary conviction to a fine of $10,000.

Applies to

Fund Administration Provider licence holders

Deadlines

• within four months from the end of its financial year end: Deadline for a licensed Fund Administration Provider to deliver the Statement of Compliance to the Bermuda Monetary Authority