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Mutual Fund Agreement for Nigeria

Mutual Fund Agreement Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes and regulates the structure, operation, and management of a mutual fund. The document complies with the Investment and Securities Act 2007 and SEC regulations, outlining the relationships between the fund manager, trustee, custodian, and investors. It details investment objectives, operational procedures, fee structures, and risk management protocols while ensuring adherence to Nigerian securities laws and regulatory requirements. The agreement serves as the foundational document for the mutual fund's operation and investor protection framework.

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What is a Mutual Fund Agreement?

The Mutual Fund Agreement is a crucial document used in the Nigerian financial services sector when establishing and operating a collective investment scheme. It serves as the primary legal framework defining the relationships between fund managers, trustees, custodians, and investors, while ensuring compliance with the Investment and Securities Act 2007 and SEC regulations. The agreement is essential when launching a new mutual fund or restructuring an existing one, containing detailed provisions for fund management, investment policies, operational procedures, fee structures, and investor rights. This document is particularly important in the Nigerian context where the regulatory environment requires strict adherence to specific guidelines for investor protection and market stability. The agreement must address local regulatory requirements while maintaining international best practices in fund management and governance.

What sections should be included in a Mutual Fund Agreement?

1. Parties: Identification of the Fund Manager, Trustee, and Custodian with their respective regulatory licenses

2. Background: Context of the agreement, purpose of the mutual fund, and regulatory framework

3. Definitions: Comprehensive definitions of terms used throughout the agreement

4. Fund Structure and Objectives: Description of fund type, investment objectives, and strategies

5. Appointment and Authority: Formal appointment of Fund Manager, Trustee, and Custodian with their respective powers

6. Investment Policy and Restrictions: Detailed investment guidelines, restrictions, and compliance with SEC regulations

7. Unit Trust Structure: Details of unit trust creation, pricing, and valuation methodology

8. Subscription and Redemption: Procedures for investing in and withdrawing from the fund

9. Fees and Expenses: All fees, charges, and expenses related to fund management and operation

10. Risk Disclosures: Comprehensive disclosure of investment risks and market factors

11. Reporting and Valuation: Requirements for financial reporting, NAV calculation, and performance measurement

12. Rights and Obligations: Detailed responsibilities of all parties including unit holders

13. Compliance and Governance: Regulatory compliance requirements and governance structure

14. Term and Termination: Duration of the agreement and conditions for termination

15. General Provisions: Standard clauses including notices, amendments, and governing law

What sections are optional to include in a Mutual Fund Agreement?

1. Foreign Investment Provisions: Required when the fund accepts foreign investments or operates across borders

2. Shariah Compliance: Required for Islamic mutual funds to ensure compliance with Shariah principles

3. Multi-Class Structure: Required when the fund offers different classes of units with varying rights

4. Distribution Arrangements: Details of distribution networks and arrangements when using external distributors

5. Electronic Trading Provisions: Required when offering online subscription and redemption facilities

6. Performance Fee Structure: Required when implementing performance-based fee arrangements

What schedules should be included in a Mutual Fund Agreement?

1. Investment Guidelines: Detailed investment policies, asset allocation, and restrictions

2. Fee Schedule: Comprehensive breakdown of all fees, charges, and calculation methods

3. Subscription Form: Standard form for unit subscription including KYC requirements

4. Redemption Form: Standard form for unit redemption procedures

5. Valuation Methodology: Detailed procedures for asset valuation and NAV calculation

6. Service Provider Details: Contact information and regulatory details of all service providers

7. Risk Factors: Detailed explanation of all potential risks associated with the fund

8. Regulatory Compliance Checklist: Checklist ensuring compliance with SEC requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions




















































Clauses









































Relevant Industries

Financial Services

Investment Management

Banking

Asset Management

Wealth Management

Securities Trading

Fund Administration

Professional Services

Corporate Services

Relevant Teams

Legal

Compliance

Investment Management

Risk Management

Operations

Finance

Client Relations

Product Development

Regulatory Affairs

Corporate Governance

Fund Administration

Relevant Roles

Fund Manager

Compliance Officer

Legal Counsel

Investment Officer

Risk Manager

Portfolio Manager

Chief Investment Officer

Chief Financial Officer

Operations Manager

Relationship Manager

Trustee Officer

Custodian Officer

Investment Analyst

Corporate Secretary

Regulatory Affairs Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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