Management Companies
Management Companies ("MCs") are licensed under Section 77 of the Financial Services Act and are also regulated under Part IV of the Act. Applications for global business licences are channelled through MCs.
The Financial Services Commission ("FSC") has reviewed the application process relating to Management Licences to ensure enhanced assessment of the capacity of the proposed company to deliver quality services.
The FSC has licensed 18 MCs during the period 2008/2009 as compared to 12 MCs in the previous financial year. Although there was a downturn in the economic situation as a consequence of the financial crisis, this has not adversely affected the number of applications received during the current financial year.
Category 1 Global Business Licences
For the period 2008/2009, 1,277 Category 1 Global Business Licences were issued by the FSC. There was a record number of new incorporations in 2008. However, immediately after the financial crisis hit developed markets, there was a decline in the number of applications for new licences.
Collective Investment Schemes (CIS)
The FSC authorised 112 CIS for the period under review. The number of new CIS hit a record high during the calendar year 2008 but fell down in the aftermath of the financial crisis. This resulted in a net decrease of around 28.2% in the number of CIS authorised during the year under review as compared to the previous reporting period.
Category 2 Global Business Licences
For the period under review, 1,550 Category 2 Global Business Licences were issued by the FSC. The level of new incorporations peaked during the calendar year 2007 but dropped as the financial crisis unfolded.
Market Trends
The reported turnover from MCs grew by 30.1% over the previous year, amounting to a total of USD 118,183,149. During the period under review, the total reported Profit Before Tax (PBT) generated by MCs recorded a 25.2% increase over the previous year, to reach USD 48,166,667. The 10 leading MCs accounted for 64.9% of the total turnover.
Annual Report
Management Companies ("MCs") are licensed under Section 77 of the Financial Services Act and are also regulated under Part IV of the Act. Applications for global business licences are channelled through MCs.
The Financial Services Commission ("FSC") has reviewed the application process relating to Management Licences to ensure enhanced assessment of the capacity of the proposed company to deliver quality services.
The FSC has licensed 18 MCs during the period 2008/2009 as compared to 12 MCs in the previous financial year. Although there was a downturn in the economic situation as a consequence of the financial crisis, this has not adversely affected the number of applications received during the current financial year.
Category 1 Global Business Licences
For the period 2008/2009, 1,277 Category 1 Global Business Licences were issued by the FSC. There was a record number of new incorporations in 2008. However, immediately after the financial crisis hit developed markets, there was a decline in the number of applications for new licences.
Collective Investment Schemes (CIS)
The FSC authorised 112 CIS for the period under review. The number of new CIS hit a record high during the calendar year 2008 but fell down in the aftermath of the financial crisis. This resulted in a net decrease of around 28.2% in the number of CIS authorised during the year under review as compared to the previous reporting period.
Category 2 Global Business Licences
For the period under review, 1,550 Category 2 Global Business Licences were issued by the FSC. The level of new incorporations peaked during the calendar year 2007 but dropped as the financial crisis unfolded.
Market Trends
The reported turnover from MCs grew by 30.1% over the previous year, amounting to a total of USD 118,183,149. During the period under review, the total reported Profit Before Tax (PBT) generated by MCs recorded a 25.2% increase over the previous year, to reach USD 48,166,667. The 10 leading MCs accounted for 64.9% of the total turnover.
Annual Report
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