The Securities and Exchange Commission (SEC) has reminded all fund managers that payment of the annual supervisory fee to the Commission becomes due from the January 1, 2022 and full payment must be made on or before January 31, 2022.
The commission in a circular, directed all registered Fund/Portfolio Managers to the SEC Rule on Annual Supervision Fees for Collective Investment Schemes (CIS) and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios issued on January, 21 2021 and the amendment there to be issued on December 20, 2021 to make payment before the due date and it will be based on Net Asset Value (NAV) as at December 31st 2021.
The SEC said, “The payment for 2021 annual supervisory fee shall be based on the value of Net Asset Value (NAV) as at December 31st 2021 and Annual Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios”.
According to the circular, Annual Supervisory fee for Collective Investments Schemes (CIS) under Management shall be 0.2 per cent of the Net Asset Value (NAV) of CIS under management and be computed and accrued daily for each CIS.
