Kamfanoni masu aminci, tsarin kuɗaɗe da takardun izinin banki na musamman

Manajan arziki da dukiya bai zama lasisin daya ba. Kungiyar ofishin iyali na iya buƙatar lasisin kamfanin aminci don hannunta mai aminci, izinin manajan kuɗaɗe, lasisin mai kulawa don ofishin baya kuma, idan ya ɗauki ajiya, lasisin banki. Dukkansu an bayar da su ne bisa wani doka daban-daban kuma an gwada su a kan haɗari daban-daban.

Wannan jagora ya bayyana iyalai uku na farko: lasisi na aminci da aminci, tsarin kuɗaɗe da masu ba da sabis ɗinsu, da banki na sirri da kula da dukiya.

Wacce sana'a take buƙatar wacce lasisin

Aiki	Tipical license	Ma'aunin kulawa na farko
Yi aiki kamar mai aminci, ƙirƙira ko kula da amincewar bayyananne	Kamfani ko lasisi na aminci	Tsarin mutane, kula da dukiyoyin mai amfani, AML
Manajan wani asusun ajiyar kudi da kuma hadari	Kamfani mai kula da UCITS, AIFM, ko kuma lasisin manajan kuɗaɗe na gida	Tsaron mai zuba jari, rikice-rikice, kudi, wakilci
Asusun ajiya, ƙididdiga, rajista na mai zuba jari	Lasisi ko izinin mai kula da asusun	NAV na gaskiya, kiyaye rajista, AML akan masu zuba jari
Asusun ajiyar	Depositary or custodian authorisation	Asset raba, kula da manajan
Manajan lissafin kudi ko shawara ga mutum	Kamfani na zuba jari ko kuma lasisi na manajan asusun ajiya	Ma'ana, halaye, kudi na mai amfani
Yiwa ajiya da ba da bashi	Lasisin Banki	Ƙarfin kuɗi, kudin shiga, kare mai saka hannun jari

Trust company licenses

Abin da yake kimantawa a matsayin kasuwancin aminci

Fassara daban-daban, amma Singapore ne na musamman. 2005 Jersey's concept of trust company business is wider and also covers company administration, registered office and nominee services.

Jersey

The Jersey Financial Services Commission registers trust company business under the Financial Services (Jersey) Law 1998, and its Code of Practice sets detailed standards:

• Mutane: inda wani kamfani ke kula da dukiyar kasuwancin kamfanin aminci, ta "haɗin gwiwa na kulawa" dole ne ya ƙunshi aƙalla uku masu ƙwarewa da ƙwararrun mutane, waɗanda ke aiki cikin gida kuma suna aiki gaba ɗaya (3.1.1.2).
• Ma'aikaci mai bin doka: ya kamata ya kasance a Jersey (3.5.4.2).
• Capital: at least £25,000 paid-up share capital and net assets of at least £25,000 at all times, plus adjusted net liquid assets of at least 110% of the expenditure requirement (5.1.4).
• Insurance: professional indemnity cover of at least the greater of three times relevant fees, thirty times fees from the largest customer, or £5 million, with no requirement above £10 million in total (5.2.5 and 5.2.6).

Singapore

Hukumar Kudi ta Singapore tana ba da lasisin kasuwancin aminci bisa ka'idoji a Tallafin TCA-G02, wanda aka sabunta a ranar 17 ga Janairu, 2024:

• wata kamfani ta Singapore ko kuma kamfani na waje mai rajista wanda yake da wurin zama a Singapore;
• Ƙarfin kuɗi na S$250,000;
• aƙalla ma’aikata biyu masu zama, daya da shekaru biyar na ƙwarewa mai dangantaka da sauran da shekaru uku;
• standalone professional indemnity insurance that MAS is likely to consider adequate at the higher of S$1 million or 2.5 times turnover, capped at S$10 million, with a deductible of no more than 50% of net asset value.

Switzerland

Tun lokacin da dokar cibiyoyin kudi (FinIA) ta fara aiki, kwararrun ma'aikatan a Switzerland suna bukatar izinin daga FINMA. Ana ba da kulawa mai ci gaba ga wata ƙungiya mai kulawa da lasisi, sai dai ga ƙungiyoyi masu kulawa da FINMA akan tushe guda ɗaya (FINMA). Bukatun sun haɗa da wurin zama na Swiss, ƙungiya mai kyau, tabbacin kuɗi da manajoji na halayen kasuwancin da ba su da laifi.

Cayman Islands

A cikin Cayman, kasuwancin aminci ana ba da izini a ƙarƙashin Dokar Banki da Kamfanonin Aminci. Haɗin zuwa kuɗaɗe yana da kai tsaye: wata ƙungiya ta aminci wacce ita ce kuɗaɗen haɗin gwiwa mai ƙa'ida dole ne ta kasance da ƙungiyar aminci mai izinin mallaka a matsayin mai amincewa (Dokar Kuɗaɗen Haɗin Gwiwa, sashe 4(1) ).

The AML girma

A ƙarƙashin EU AMLR, masu ba da sabis na aminci ko kamfani suna da alhakin hukumomi a kan hakkinsu, kuma daga 10 Yuli 2027 dole ne su yi amfani da matakai masu ƙarfafawa don dangantaka masu haɗari waɗanda ke da alaƙa da mafi ƙarancin miliyan 5 EUR da aka gudanar ga mai siye tare da duk dukiyoyin da suka fi miliyan 50 EUR (Sashe na 34(5)).

Fund regimes

The EU framework

UCITS sune kuɗaɗen da ake buƙata don siyarwa tare da fasfo na samfurin. Kuɗaɗen zuba jari na musanya (AIFs) sune duk sauran, an tsara su ne ta hanyar manajansu (AIFM).

	Kamfani mai kula da UCITS	External AIFM	AIF da aka sarrafa cikin gida
Kashi na farko	125,000(UCITS Directive, Art. 7)	EUR 125,000 (AIFMD, Art. 9)	300,000
Asusun ajiya	0.02% na asusun ajiya sama da Euro miliyan 250	Same	n/a
Cap on capital plus additional amount	EUR 10 million	EUR 10 million	n/a

9(7)).

AIFMD II

Directive (EU) 2024/927 amended both directives. Member States had to apply it from 16 April 2026, with some provisions from 16 April 2027. Three changes matter most for new applicants:

1. Substance. An AIFM’s kasuwanci dole ne a gudanar da shi ta hanyar mutane biyu na dabi'a da aka yi aiki da su a lokaci mai zurfi, ko kuma an yi alkawari da su a lokaci mai zurfi a matsayin mambobi na shugabanci ko kwamitin, kuma suna zaune a cikin Ƙungiyar.
2. Delegation. Supervisors receive more information on delegation arrangements, and ESMA must report on delegation practices by 16 April 2029.
3. Loan origination. AIFs da ke samar da bashi sun fuskanci dokoki masu sauki, ciki har da tsauraran ka’idoji na 175% ga AIFs da aka bude kuma 300% ga AIFs da aka rufe.

Luxembourg

Luxembourg yana ba da cikakken kewayon: UCITS, Sashe na II kuɗaɗe, ƙwararrun kuɗaɗen zuba jari (SIFs) da kuma ajiyar kuɗin saka hannun jari na daban (RAIF).

• Ya kamata a gudanar da shi ta hanyar wani mai kula da AIFM wanda aka amince da shi, daga Luksemburg, wata kasa ma’aikaciya ko kuma, bisa ka’idojin AIFMD, wata kasa ta uku (Dokar RAIF, Sashe na 4).
• An ware shi ne ga masu zuba jari da suka sani: masu saka hannun jari na kungiya ko masu sana'a, ko wasu waɗanda ke tabbatar da wannan matsayi ta hanyar rubutawa kuma suna saka hannun jari aƙalla EUR 100,000 ko an yi nazarin su ta wani banki, kamfani mai saka hannun jari ko kamfani mai kulawa (Sashe na 2).
• Dokarta ta bayarwa dole ne ta bayyana a kan akwatin cewa "ba ta da alhakin kulawa daga wata hukuma mai kulawa ta Luxembourg" (Sashe na 39).
• Wani asusun ajiyar jama'a ya kamata ya kai ga nasarar da ta kai EUR 1,250,000 cikin watanni 24 (Sashe na 20).

Wannan shi ne dalilin da ya sa ake amfani da shi a matsayin wani nau'i na tattalin arziki.

Ireland

Ireland ita ce ta biyu mafi girma EU kudi domicile. Manajan kudi ne aka amince da Bankin Cibiyar na Ireland a karkashin Investment Intermediaries Act 1995. A shigarwa bukatar wani tsari na shigarwa, wani mutum tambaya ga kowanne manajan da kuma babban manajan, da kuma wani bayani game da kasuwancin shirin, da kuma ba cikakke shigarwa ne aka mayar (Central Bank of Ireland ). Timelines dogara sosai kan inganci da sauri na amsoshi ga Central Bank 's comments.

Cayman Islands

The Cayman Islands Monetary Authority (CIMA) regulates both open-end and closed-end funds.

Kudin da aka bude a karkashin Dokar Kudin Mutu'a (2025 Revision) na faruwa cikin nau'i-nau'i da dama:

• Licensed funds (section 4(1)(a)), with full CIMA review of operators.
• Administrated funds (section 4(1)(b)), whose principal office is provided by a licensed administrator.
• Registered funds (sashe 4(3)), tare da saka hannun jari na farko na Cayman dollar dubu ashirin ga kowanne mai zuba jari, wanda CIMA ya gabatar da shi a matsayin CI$80,000 ko US$100,000, ko kuma wani jerin a kan musayar da aka sani.
• Limited investor funds (sashe 4(4)), tare da ba fiye da hamsin masu zuba jari, mafi yawan wadanda za su iya nada ko cire mai aiki.

Closed-ended funds register under the Private Funds Act (2025 Revision). A private fund must apply within 21 days after accepting capital commitments (section 5). It must have its accounts audited annually by a CIMA-approved auditor (section 13), and it must have evaluation procedures (section 16), safekeeping of assets through a custodian or an approved alternative (section 17) and cash monitoring (section 18).

CIMA yana nuna game da kwanakin kasuwanci biyar don rajista na kuɗaɗe, huɗu zuwa bakwai ga makonni uku don lasisin kuɗin kuma shida zuwa takwas ga watanni takwas don lasisin mai kula da kuɗaɗen haɗin gwiwa bayan an karɓi duk takardun shaida.

Banki na musamman da kula da dukiya

Lokacin da ake buƙata izinin banki

Bankin jama'a a cikin ma'anar cikakke, da ke rike da ajiyar abokan ciniki da kuma ba da lamuni bisa ga takardun shaida, yana buƙatar lasisin banki. A Switzerland, karɓar ajiya daga jama'a akan tushe mai sana'a yana buƙatar lasisin banki (FINMA). requirements sun hada da mafi ƙarancin jarin da aka biya na CHF 10 miliyan, wata ƙungiya mai amincewa da bincike don aikin ba da izini, da kuma, ga masu neman izinin da ake kulawa da su daga kasashen waje, hadin gwiwa daga ƙasashe inda 'yan takarar da suka cancanta suke zaune.

Switzerland kuma tana ba da lasisin FinTech mai zurfi. Kamfanoni waɗanda ke karɓar ajiyar jama'a har zuwa CHF miliyan 100 kuma ba su zuba jari ba ko biyan riba akansu ba a yi musu laifi kamar bankuna kuma za su iya amfani da wannan hanya mai sauƙi (FINMA). Ba ta dace da banki na musamman na gargajiya, wanda ke saka hannun jari da bashi.

Lokacin da lasisin kula da dukiya ya isa

Wasu ma'aikatan arziki ba sa riƙe kuɗaɗen abokan ciniki da sunan su. Suna kula da asusun ajiyar da aka riƙe a wani banki mai kulawa a ƙarƙashin ikon doka. A Switzerland wannan yana buƙatar lasisin FINMA manajan asusun ajiya a ƙarƙashin FinIA, tare da kulawa ta gaba-da-gaba daga wata ƙungiya mai kula (FINMA). A cikin EU, abin da yake daidai shi ne lasisin MiFID II kamfani na zuba jari don kula da asusun ajiya da shawarwari kan saka hannun jari.

Yadda kwasfa ke haɗuwa tare

Wani nau'in ginin arziki na duniya zai iya hada da:

1. wani banki na musamman ko mai kula da kudaden;
2. wani ma’aikaci mai zaman kansa ko kamfani na zuba jari da ke ba da shawara a kansu ko kuma gudanar da su;
3. wata kamfani mai lasisi na aminci wanda ke aiki a matsayin mai amincewa da amincin iyali;
4. wani nau'in kuɗaɗe, kamar su RAIF ko kuɗin Cayman, da ke haɗa ƙungiyoyi na iyali ko ƙungiyar saka hannun jari, tare da manajansa da mai kula da shi.

Duk wani launi ne lasisin daban-daban, da kuma kowanne yana gudanar da kansa hakkin kulawa a kan iyali daya. Supervisors ci gaba da tsammanin layers don raba bayanai a cikin iyakoki na kare bayanai da sirri dokoki, da kuma haɗuwa da ra'ayoyinsu na tushen arziki.

Ayyukan da aka yi

• Ka fara daga aikin, ba daga motar ba.Ka yanke shawarar wanda zai riƙe dukiyoyin, wanda zai yi shawarwarin da kuma wanda zai kiyaye takardun shaida, sa'an nan ka nuna kowanne zuwa lasisin.
• Budget for people. Lokacin gudanar da bukatun, kamar Jersey na uku-mutumin yanki na kulawa, Singapore biyu mazauna manajoji ko AIFMD II's biyu full-time EU-domiciled mutane, a kullum farashin fiye da mafi ƙarancin hannun jari.
• Check insurance early. Professional indemnity cover with fidelity and directors’ liability extensions can take time to place for a new firm.
• Choose sabis masu bayarwa da hankali. A haske-taɓa tsarin mulki mai kula dogara ne a kan amince manajan, mai kula, custodian da auditor, don haka su zama ya shafa da gaskiyar kudi da bankuna da kuma masu zuba jari.
• Confirm marketing rules separately. A fund license or registration in its home jurisdiction does not by itself allow marketing to investors elsewhere. Passports and private placement rules depend on the investor's country.