Izinkampani ze-Trust, amaphrojekthi ezimali kanye nelayisense lebhange elilodwa

Iqembu le-ofisi yomndeni lingadinga ilayisense lenkampani yethonya lesandla sayo esithembekile, isigunyazo somphathi wemali, ilayisense lomlawuli wekheli layo elingaphakathi futhi, uma lithatha izitolo, ilayisense lebhange. Yonke inikezwa ngokuya ngemithetho ehlukene futhi ihlolwe ngokuya ngongozi ohlukile.

Lo mhlahlandlela uchaza izinhlanga ezintathu eziyinhloko: izitifiketi zokwethembeka kanye neziqinisekiso, izinhlelo zezimali kanye nabahlinzeki bezinkonzo zabo, kanye ne-banking yangaphandle nokuphathwa kwempahla.

Imisebenzi edinga ilayisense

Imisebenzi	Ilayisense elijwayelekile	Inkinga enkulu yokulawula
Ukusebenza njenge-trustee, ukudala noma ukuphatha i-express trusts	Inkampani yosizo noma ilayisense losizo	Ukuvikelwa kwabantu, ukulawula izimpahla zekhasimende, AML
Ukuphatha iphothifoliyo yemali nengozi	Inkampani yokulawula i-UCITS, i-AIFM noma ilayisense yomphathi wemali yendawo	Ukuvikelwa komtshalizimali, ukungqubuzana, ukungena kwemali,
Ukuphathwa kwezimali, ukulinganiselwa, ukubalwa kwabatshalizimali	Ilayisense noma imvume yomphathi wemali	I-NAV efanele, ukugcinwa kwerekhodi, AML kulabo abatshala imali
Izimpahla zokugcina imali	Ukugunyazwa kwe-depositary noma i-custodian	Ukuhlukaniswa kwezimpahla, ukuqapha umphathi
Ukuphathwa kwe-portfolio noma insizakalo yokubonisana	Inkampani yokutshala imali noma ilayisense lomphathi we-portfolio	Ukufaneleka, ukuziphatha, imali yekhasimende
Ukuthatha ama-deposit kanye nokudlulisa	Ilayisense lebhange	Ukusebenza kahle, ukukhishwa kwemali, ukuvikelwa komthandi

Trust company licenses

Izinto ezibhekwa njengebhizinisi elithembeke

Izincazelo zihlukile, kodwa Singapore's kuyinto ejwayelekile. Umthetho Wezinkampani Zokuthembela 2005 ifaka ukuhlinzeka ngezinsizakalo zokuthuthukiswa kwe-express trust, ukusebenza njenge-trustee, ukuhlela umuntu ukuba asebenze njenge-trustee, nokuhlinzeka ngezinsizakalo zokulawula ukuthembeka. Isibonelo seJersey somsebenzi wenkampani yethemba lubanzi futhi luhlanganisa nokulawula inkampani, indawo yokusebenza ebhalisiwe kanye nezinsizakalo zommeli.

i-Jersey

I-Jersey Financial Services Commission ibhalisa ibhizinisi lenkampani ye trust ngaphansi koMthetho Wezinsizakalo Zezimali (i-Jersey) 1998, futhi Ikhodi Layo Lokusebenza libeka imigomo ecacile:

• Abantu: lapho inkampani ilawula ama-assets ebhizinisi lenkampani yethredithi, “isigaba sayo sokulawulwa kokulawula” kufanele sihlanganise okungenani abantu abathathu abaqeqeshiwe futhi abanesipiliyoni esifanele, basendaweni futhi besebenza isikhathi esigcwele (3.1.1.2).
• Umphathi wenqubomgomo: kumele abekhona e-Jersey (3.5.4.2).
• Imali: ingama-£25,000 akhokhelwe izimali zesethi kanye nempahla encane engaba ngu-£25,000 ngaso sonke isikhathi, kanye nempahla encane ehlanzekile elungisiwe engaba ngu-110% yesidingo semali (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).

i-Singapore

I-Monetary Authority yeSingapore inikeza ilayisense lebhizinisi eligunyaziwe ngaphansi kwezimiso Imiyalelo TCA-G02, ibuyekezwe ngomhla ka-17 kuJanuwari 2024:

• inkampani yaseSingapore noma inkampani yangaphandle ebhalisiwe enesimo esibonakalayo eSingapore;
• izimali ezikhokhelwe noma izimpahla ezifanele ze-S$250,000;
• at least two resident managers, one with at least five years of relevant experience and the others with at least three;
• i-inshurensi yokubuyiswa kwemali yezobunjiniyela ehlala yona kuphela, okusho ukuthi MAS ingabhekwa njengengalungile uma ifinyelela ku-S$1 million noma 2.5 times turnover, ifinyelele ku-S$10 million, nenani elikhokhiswayo alingaphezu kuka-50% wexabiso lempahla ephelele.

i-Switzerland

Ngoba i-Financial Institutions Act (FinIA) yaqala ukusebenza, abaqondisi abaqeqeshiwe eSwitzerland badinga imvume kusuka ku FINMA. Ukuqashwa okuqhubekayo kwenziwa ngumhlangano olawulayo onelayisense, ngaphandle kwezinkampani zeqembu ezilawulwa ngu FINMA ngesisekelo esiqinile (FINMA). Izidingo zifaka phakathi indawo yokuhlala yaseSwitzerland, umhlangano ofanele, iziqinisekiso zezimali kanye nabaphathi bezisebenzi ezingenacala.

i-Cayman Islands

Ku-Cayman, ibhizinisi le-trust livunyelwe ngaphansi kwe-Act of Banks and Trust Companies. Ukuxhumana nezimali kuqondile: iyunithi ye-trust elawulwa yi-mutual fund kufanele ibe nenkampani ye-trust eligunyaziwe njenge-trustee yayo (I-Mutual Funds Act, isigaba 4(1) ).

Ubukhulu AML

Ngokuya nge-EU AMLR, abahlinzeki bezinsizakalo zenkampani noma inkampani bavunyelwe ukuba babe yinhlangano esemthethweni, futhi kusukela ngoJulayi 10, 2027 kufanele basebenzise izinyathelo ezingeziwe ezithuthukisiwe kubudlelwane obunobungozi obuphezulu obubandakanya ama-EUR ayizigidi ezingama-5 aphathwayo kumthengi onempahla ephelele engu-EUR ayizigidi eziyizinkulungwane ezingama-50 (Isigaba 34(5)).

Izinhlelo zemali

I-EU framework

Izimali ze-EU zihlukaniswa zibe izizwe ezimbili. UCITS yimali efanelekayo yokuhweba ngempahla enepasipoti yemikhiqizo. Izimali zokutshala imali ezishintshayo (AIFs) yizo zonke ezinye izinto, ezilawulwa ngokuyinhloko ngumphathi wabo (AIFM).

	Inkampani yokulawula i-UCITS	I-AIFM yangaphandle	I-AIF elawulwa ngaphakathi
Izimali zokuqala	i-EUR 125,000 (UCITS Directive, Art. 7)	i-EUR 125,000 (AIFMD, Isiqephu 9)	i-EUR 300,000
Izimali ezingeziwe zomuntu siqu	0.02% yama-portfolios angaphezu kwezigidi ezingama-EUR 250	Ifanayo	n/a
Izinga lemali engenayo kanye nenani elingeziwe	i-EUR 10 million	i-EUR 10 million	n/a

I-AIFM kufanele futhi ibhekene nengozi yecala lochwepheshe ngemali engeziwe noma insizakalo yokuvikela ukulimala (AIFMD, ingxenye yesi-9(7)).

AIFMD II

Isitatimende (EU) 2024/927 saguqula izitimela ezimbili. Izizwe ezingu-Member kumele ziyisebenzise kusukela ngo 16 April 2026, namanye amalungiselelo kusuka ku 16 April 2027. Ushintsho oluthathu lubalulekile kakhulu kubafaki-sicelo abasha:

1. Isithako Ibhizinisi le-AIFM kumele liqhutshwe yibo bonke abantu abasebenza isikhathi esigcwele, noma abasebenzela isikhathi esigcwele njengezisebenzi ezilawulayo noma amalungu ebhodi, nalapho behlala khona ezweni.
2. Isiqondiso. Abaphathi bathola ulwazi oluningi mayelana nokumiswa kwesiqondiso, futhi ESMA kumele babikeze ngezimiso zesiqondiso ngomhla ka-16 kuMashi 2029.
3. Ukuqala kwezimali. Ama-AIF aqala ama-loans azobhekana nemithetho entsha, kufaka phakathi imingcele yokusetshenziswa kwezintela engu-175% kuma-AIF avulekile kanye no-300% kuma-AIF avalelekile.

i-Luxembourg

I-Luxembourg inikeza inani eliphelele: UCITS, amabhange engxenye yesibili, amabhange okutshala imali akhethekile (SIFs) kanye nemali yokutshala imali ehlukile egcinwe (RAIF). I-RAIF iyisibonelo esicacile semali “elawulwa ngumphathi”:

• Kudingeka ilawulwa yi-AIFM egunyazwe, evela eLuxembourg, enye izwe lamalungu noma, ngaphansi kwezimo ze-AIFMD, izwe lesithathu (Umthetho we-RAIF, Isiqephu 4).
• Kugcinwa abatshalizimali abanelwazi oluhle: abatshalizimali abasebenza ngokuzimela noma abaqeqeshiwe, noma abanye abaqinisekisile le sikhundla ngokubhala futhi batshala ama-EUR 100,000 noma bahlolwe yibhange, inkampani yokutshala imali noma inkampani yokulawula (Ingxenye 2).
• Idokhumende layo lokunikela kufanele lisho ebhokisini ukuthi “akufanele libe ngaphansi kokuhlolwa yinhlangano yokuhlola yaseLuxembourg” (Isigaba 39).
• Imali-mboleko ejwayelekile kufanele ifinyelele kuma-net assets angama-EUR 1,250,000 ngaphakathi kwezinyanga ezingu-24 (Ingxenye engu-20).

Imikhiqizo yayo ishesha ukukhishwa, kodwa umgangatho we-AIFM kanye nomthengisi ogcina imali ubamba umthwalo wokulawula.

i-Ireland

I-Ireland iyizwe elilodwa elikhulu lezimali ze-EU. Abaphathi bezimali bagunyazwa yi-Central Bank of Ireland ngaphansi kwe-Investment Intermediaries Act 1995. Isicelo sidinga ifomu lokufaka isicelo, umbuzo ohlukile kunoma yimuphi umqondisi nomphathi ophezulu, kanye nohlelo lwebhizinisi oluningiliziwe, futhi izicelo ezingaphelelanga zibuyiselwa (Central Bank of Ireland). Izimo zesikhathi zixhomekeke kakhulu ekhwalithi nejubane lokuphendula kwezincomo ze-Central Bank.

i-Cayman Islands

I-Cayman Islands ihlala iyindawo ehamba phambili yomhlaba wonke yezimali ze-hedge kanye nezimali zomuntu siqu. I-Cayman Islands Monetary Authority (CIMA) ilawula ama-funds avulekile nowavalwa.

Izimali ezivulekile ngaphansi kwe- Mutual Funds Act (2025 Revision) zihlukaniswe ngezigaba eziningi:

• Izimali ezivunyelwe (isiqephu 4(1)(a)), ngokuhlolwa okugcwele CIMA kwabasebenza.
• Izimali ezilawulwayo (isiqephu 4(1)(b)), ikheli lazo eliyinhloko linikezwa ngumphathi onelayisense.
• Izimali ezibhalisiwe (isiqephu 4(3)), ngemali engenayo ephansi yokuqala yezigidi eziyisishiyagalombili zamadola aseCayman ngamunye umtshalizimali, CIMA ibonisa njenge-CI$80,000 noma i-US$100,000, noma ukudweba kushintshiselwano oluyaziwayo.
• Limited investor funds (section 4(4)), with no more than fifteen investors, a majority of whom can appoint or remove the operator.

Izimali ezivalayo zibhaliswa ngaphansi kwe- Amalungelo Amabhange Akahulumeni (Ukubuyekezwa ngo-2025). Imali kamasipala kufanele ifake isicelo ngaphakathi kwezinyanga ezingama-21 ngemuva kokwemukela izibopho zemali (isigaba 5). Kudingeka ukuthi i-akhawunti yayo ihlolwe ngonyaka ngumthengisi ogunyaziwe yi-CIMA (isigaba 13), futhi kumele ibe nenqubo yokwahlukanisa (isigaba 16), ukugcinwa kwezimpahla nge-custodian noma ngenye indlela evunyelwene ngayo (isigaba 17) kanye nokuhlola imali engenayo (isigaba 18).

CIMA ikhombisa amasonto angaphezu kwamahlanu ebhizinisini lokubhaliswa kwezimali, amaviki amane kuya kweziyisishiyagalombili ukufaka izitifiketi zezimali kanye namaviki ayisishiyagalombili kuya kweziyisishiyagalombili ukufaka isitifiketi somphathi wemali yomphakathi uma kufinyelelwe kumadokhumenti aphelele.

I-banking yangaphandle kanye nokuphathwa kwezimali

Uma kudingeka ilayisense lebhange

I-banking yangaphandle, ngokuqondene nokuqonda okugcwele, ukuphatha izitolo zekhasimende kanye nokudlulisa izimali ezibhekene ne-portfolios, kudinga ilayisense lebhange. ESwitzerland, ukuthatha izitolo ezivela kubantu abajwayelekile ngesisekelo somsebenzi udinga ilayisense lebhange (FINMA). izimfuneko zifaka phakathi imali engenayo ekhokhwe ngokuphelele eyizigidi ezingama-CHF ezingu-10, inkampani yokuhlola eyaziwayo yenqubo yokugunyaza, futhi, kubafaki-zicelo abalawulwa kwamanye amazwe, inkontileka evela kumazwe lapho abahlanganyeli abanolwazi behlala khona.

I-Switzerland inikeza futhi ilayisense elincane leFinTech. Amabhange amukela amadiphozithi emphakathini angaba ngu-CHF ayizigidi ezingama-100 futhi angawatshala noma akhokhele inkokhelo ngazo athathwa njengebhange futhi angasebenzisa le ndlela elula (FINMA). Akufanele kube yibhange elijwayelekile elilodwa, elitshala futhi lidlulisa imali.

Uma ilayisense lokuphatha imali ligcwele

Abaphathi bezimali abaningi abagcinanga imali yekhasimende ngegama labo. Baphatha ama-portfolios agcinwe ebhange elilawulayo ngaphansi kwegunya lomthetho. ESwitzerland lokhu kudinga FINMA ilayisense lomphathi we-portfolio ngezansi kweFinIA, nokuhlolwa okuqhubekayo yinhlangano yokuhlola (FINMA). E-EU okufanayo kuvame ukuba yi-MiFID II ilayisense lenkampani yokutshala imali yokulawula i-portfolio kanye nemibono yokutshala imali.

Indlela amaphuzu ahambisana ngayo

Isakhiwo esijwayelekile semali yamazwe omhlaba singahlanganisa:

1. ibhange elilodwa noma umphathi ogcina izimpahla;
2. umphathi we-portfolio noma inkampani yokutshala imali esebenza ngokuzimela ehlinzeka ngezincomo noma elawula;
3. inkampani egunyaziwe yokwethembeka esebenza njengenkontileka yokwethembeka kwemindeni;
4. imoto yemali, njenge-RAIF noma i-Cayman fund, eqoqa umndeni noma ukutshala kwemali kweklabhu, nomphathi wayo kanye nomlawuli.

I-layer ngayinye ivunyelwe ngokuhlukile, futhi ngayinye yenza ukuhlolwa kwayo okudingekayo kumndeni owodwa. Abaqondisi balindele ukuthi ama-layers ahlukanise ulwazi ngaphakathi kwemikhawulo yokuvikela idatha kanye nemithetho yokufihla, futhi alinganise ukucabanga kwabo ngomthombo wemali.

Izinkomba ezisebenzayo zabafuna umsebenzi

• Qala ngomsebenzi, hhayi ngesithuthuthu. Qaphela ukuthi ubani ozogcina izinto, ngubani ozothatha izisinqumo nobani ozogcina amarekhodi, bese uhlela wonke umuntu kwilayisense.
• Imali-mboleko yabantu. Izidingo zokulawula kwangaphakathi, njengokuba iJersey inezinhlaka ezintathu zokuphatha, iSingapore inezinhlaka ezimbili ezihlala khona noma iAIFMD II inezinhlaka ezimbili ezihlala isikhathi esigcwele e-EU, zibiza kakhulu kunemali-mboleko encane.
• Qiniseka ukuthi isiqinisekiso sikhona kuqala. Ukuvikelwa kwecala lochwepheshe ngeqiniso kanye nokuzibophezela okuqhubekayo kwabaqondisi kungathatha isikhathi sokubekwa kwenkampani entsha.
• Ukukhetha abahlinzeki bezinsizakalo ngokucophelela. Kulezi zinhlelo ezincane, umphathi uhlala ethembeni lomphathi ogunyaziwe, umphathi, umnikazi kanye nomhleli wezimali, ngakho-ke isimo sabo sithinta ukunethezeka kwemali nebhange nabatyali mali.
• Certify marketing rules separately. Ilayisense lemali noma ukubhaliswa ezindaweni zayo zokuphatha akuvumelekile ukumaketha abatshalizimali kwezinye izindawo. Amapasipoti kanye nemithetho yokubeka yangaphandle ixhomekeke ezweni lomtshalizimali.