The Securities and Exchange Commission has reminded all fund managers that payment of the annual supervisory fee to the Commission becomes due from the 1st January 2022 and full payment must be made on or before January 31, 2022.
This was contained in a circular released by the commission at the Weekend. “The commission hereby draws the attention of 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 thereto issued on December 20, 2021.”
The Circular stated that the payment for 2021 annual supervisory fee is 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 is 0.2% of the net asset value (NAV) of CIS under management and be computed and accrued daily for each CIS