The Act provides for the licensing and supervision of the International Mutual Funds Collective Investment Schemes and for managers and administrators. The Registrar of International Mutual Funds who is appointed by the Samoa International Finance Authority (SIFA) is expressly given the mandate to supervise and regulate Mutual Funds. Other responsibilities of the Registrar include maintaining a general review of the fund industry and applicable know your customer and money laundering policies and procedures. A Mutual Fund can be established as an International Company, a Partnership, a Unit Trust or other similar body formed or organized under the other international financial services legislation.
3 types of Mutual Fund:
- A Public Fund
- A Private Fund
- A Professional Fund