Mutual Funds (Fees) Regulations
In forcePUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision).
The Mutual Fund Regulations made the 31st August, 1993 consolidated with Laws 4 of 1997 and 56 of 2020 and with the Mutual Funds (Amendment) (Variation of Fees) Regulations, 2001, the Mutual Funds (Amendment) (Further Variation of Fees) Regulations, 2001, the Mutual Funds (Amendment) Regulations, 2005, the Mutual Funds (Amendment) Regulations, 2006, the Mutual Funds (Fees) (Amendment) Regulations, 2009, the Mutual Funds (Fees) (Amendment) Regulations, 2012, the Mutual Funds (Fees) (Amendment) (No. 2) Regulations, 2012, the Mutual Funds (Fees)(Amendment) (No. 3) Regulations, 2012 and the Mutual Funds (Fees) (Amendment) Regulations, 2020.
Originally enacted — Law 4 of 1997-24th March, 1997 (part) Law 56 of 2020-7th December, 2020.
Originally made — Mutual Funds (Amendment) (Variation of Fees) Regulations, 2001, made the 29th May, 2001 Mutual Funds (Amendment) (Further Variation of Fees) Regulations, 2001 made the 27th December, 2001 Mutual Funds (Amendment) Regulations, 2005 made the 11th October, 2005 Mutual Funds (Amendment) Regulations, 2006 made the 29th November, 2006 Mutual Funds (Fees) (Amendment) Regulations, 2009 made the 20th October, 2009 Mutual Funds (Fees) (Amendment) Regulations, 2012 made the 10th January, 2012 Mutual Funds (Fees) (Amendment) (No. 2) Regulations, 2012 made the 15th January, 2013 Mutual Funds (Fees) (Amendment) (No. 3) Regulations, 2012 made the 12th December, 2012 Mutual Funds (Fees) (Amendment) Regulations, 2020 made the 18th day of February, 2020 Mutual Funds (Fees) (Amendment) Regulations, 2024 made the 17th day of December, 2024.
Consolidated and revised this 31st day of December, 2025.
Note (not forming part of these Regulations): This revision replaces the 2021 Revision which should now be discarded.
Arrangement of Regulations
Regulation 1A. 4A. TABLE OF FEES
Regulation 1
Citation These Regulations may be cited as the Mutual Funds (Fees) Regulations (2026 Revision). 1A. Definitions 1A. In these Regulations — “exempted trust” means a trust registered as an exempted trust under Part VI of the Trusts Act (2021 Revision); “master unit trust structure” means a unit trust that — (a) is established in the Islands; (b) issues investment interest to one or more investors; (c) holds investments and conducts trading activities for the principal purpose of implementing the overall investment strategy of its regulated sub-trusts; (d) has one or more regulated sub-trusts either directly or through an intermediary entity established to invest in the master unit trust; and (e) is not licensed or registered under the Banks and Trust Companies Act (2025 Revision) or registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision); “principal Act” means the Mutual Funds Act (2025 Revision);
Regulation 2
“segregated portfolio company” has the meaning assigned by section 212 of the Companies Act (2026 Revision); “sub-fund”, in relation to a mutual fund, includes any or all of the following in the mutual fund’s structure — (a) a segregated portfolio, where the mutual fund is a segregated portfolio company; (b) a sub-trust, where the mutual fund is an exempted trust, an umbrella trust structure or a master unit trust structure; and (c) a class of share, unit or interest in a company, unit trust or partnership for which the mutual fund maintains and accounts for a separate portfolio of investments; “sub-trust” means a trust which is independent of, but subordinate in some way to, a head trust; and “umbrella trust structure” means a collective investment scheme that exists as a single trust vehicle but has several distinct sub-trusts which may be traded separately. Fees The prescribed fee for the purpose of a provision of the principal Act specified in column 2 of the Table of Fees in the Schedule is the amount specified in column 4 opposite that provision. Reduction of fees (1) The amount of any annual fee prescribed in the Schedule to be paid by the holder of a licence for the purposes of sections 4(3)(d), 9(1) and 14(2) of the principal Act, respectively, shall be reduced by one half if the Authority is satisfied that such holder has, prior to the date on which such fee becomes payable, ceased carrying on any mutual fund business or mutual fund administration business other than that necessary to enable the performance of obligations of such holder under contracts in force at such date. (2) The amount by which any annual fee is reduced under paragraph (1) shall immediately become due and payable if the holder of the relevant licence effects any new contract of mutual fund business or mutual fund administration business during the year to which such fee relates. Repealed Repealed by regulation 3 of the Mutual Funds (Fees) (Amendment) Regulations, 2024 [SL 72 of 2024].
Regulation 4A
4A. Fees: mutual fund under section 4(4)(a) 4A. Notwithstanding the annual registration fee set out in item 1F in the Table of Fees in the Schedule, the annual registration fee for a mutual fund that is making its first application to be registered with the Authority pursuant to section 4(4)(a)(iv) of the principal Act shall be nil where the application for registration is submitted to the Authority within a period of not more than six months after the date of commencement of the Mutual Funds (Amendment) Act, 2020 [Law 2 of 2020] or such further period as may be specified by the Authority. Non-refundable fees The fees for items 1B, 1C, 1D and 1E in the Schedule are not refundable.
(regulation 2) TABLE OF FEES Item Fee 4(3)(d) Annual registration fee in respect of a regulated mutual fund registered with the Authority except where the regulated mutual fund is a master fund $3,675 1A 4(3)(d) Annual registration fee in respect of a master fund registered with the Authority $2,625 1B 4(3)(c) 4(3)(a) or the filing of any amendment to the application form 1C 4(3)(c) master fund or the filing of any amendment to the application form 1D 5(1)(d) application form for a mutual fund licence under section 5 or the filing of any amendment to the application form
Item Fee 1E 14(1) 4(1)(b) or the filing of any amendment to the application form 1F 4(4)(a)(iv) Annual registration fee in respect of the 4(4)(a) $3,675 1G 4(4)(a)(iii) application for registration of a regulated mutual fund under section 4(4)(a) and for the filing of any amendment to the application
5(1)(d) Application fee for a Mutual Fund Licence $3,675 9(1) Annual licence fee in respect of a Mutual Fund Licence $3,675 9(2) Annual registration fee payable by a regulated mutual fund that has sub-funds, in respect of each sub-fund $3,675 and an additional $300 in respect of each subfund 12(1) (a) Fund in respect of not more than fifty regulated mutual funds $20,000
Item Fee (b) Fund in respect of more than fifty regulated mutual funds $25,000 Administrators Licence $7,000 14(1) Fee payable by a Fund Administrator upon starting to provide mutual fund administration in respect of a regulated mutual fund regulated pursuant to section 4(1)(b) $3,500 14(2) Annual fee payable by a Mutual Fund Administrator in respect of a mutual fund regulated pursuant to 4(1)(b) $3,500 14(3) (a) Fund Administrators Licence (other than a restricted Fund Administrators Licence) to provide mutual fund administration in respect of not more than fifty regulatedmutual funds $30,000
Item Fee (b) Fund in respect of more than fifty regulated mutual funds $35,000 Fund Administrators Licence $7,000 Publication in consolidated and revised form authorised by the Cabinet this 28th day of January, 2026. Kim Bullings Clerk of the Cabinet
Table of Legislation history: SL # Act/Law # Legislation Commencement Gazette 72/2024
Mutual Funds (Fees) (Amendment) Regulations, 2024 1-Jan-2025 LG47/2024/s38
12-Feb-2021 LG14/2021/s6
56/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89/2020/s1 14/2020
Mutual Funds (Fees) (Amendment) Regulations, 2020 20-Feb-2020 LG12/2020/s3
Erratum: Mutual Funds (Fees) Regulations (2013 Revision) 11-Oct-2013 GE83/2013/p27
Mutual Funds (Fees) Regulations (2013 Revision) 11-Oct-2013 GE82/2013/s17 85/2012
Mutual Funds (Fees) (Amendment) (No. 3) Regulations, 20-Dec-2012 GE129/2012/s4 6/2013
Mutual Funds (Fees) (Amendment) (No. 2) Regulations, 15-Jan-2013 GE6/2013/s2
Mutual Funds (Fees) Regulations (2012 Revision) 22-Oct-2012 G22/2012/s2 1/2012
Mutual Funds (Fees) (Amendment) Regulations, 2012 13-Jan-2012 GE5/2012/s1
Mutual Funds (Fees) Regulations (2011 Revision) 7-Nov-2011 G23/2011/s8 37/2009
Mutual Funds (Fees) (Amendment) Regulations, 2009 1-Jan-2010 GE72/2009/s2
Mutual Funds (Fees) Regulations (2007 Revision) 6-Aug-2007 GE16/2007/s5 21/2006
Mutual Funds (Amendment) Regulations, 2006 27-Dec-2006 G26/2006/s2 11/2005
Mutual Funds (Amendment) Regulations, 2005 1-Jan-2006 G22/2005/s1 15/2001
Mutual Funds (Amendment) (Further Variation of Fees) Regulations, 2001 31-Dec-2001 GE31/2001/s1 14/2001
Mutual Funds (Amendment) (Variation of Fees) Regulations, 2001 1-Jun-2001 GE11/2001/s3
4/1997 Miscellaneous Provisions (Fees and Duties) (Temporary) Law, 1997 (part) 22-Apr-1997 GE4/1997/s2 1/1993
Mutual Fund Regulations, 1993 4-Oct-1993 G20/1993/s2
(Price: $3.20)