THE REGULATORY ENVIRONMENT in The Bahamas provides Genesis, as an Unrestricted Fund Administrator (UFA), with several advantages to fund managers. We can, for example, complete the necessary due diligence review of fund parties and coordinate with onshore and offshore parties for the completion of the offering memorandum and constitutive documents. We can also certify fund compliance within Bahamian law and license a fund under our own internal authorization procedures.
This is possible as a result of a dual licensing regime in The Bahamas. The Securities Commission of The Bahamas (SCB) is authorized to license all classes of funds. An UFA, such as Genesis, is authorized to license funds offered only to professional/accredited investors as defined in the Investment Funds Act, 2003 and Financial Transaction Reporting Act, 2000. These funds are Professional Funds or SMART Funds.