BVI Investment Funds – March 2012

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O’Neal Webster

BVI Investment Funds
March 2012
In This Issue
Annual Recognition Fees
Audited Financials
Mutual Fund Statistical Returns
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Kerry Anderson

Kerry heads the Investment Funds and Regulatory Team at O’Neal Webster. He advises BVI, US and EU-based fund managers and has published several articles in industry publications. Other clients include closed-ended funds, open-ended funds acting as professional, private and public funds and segregated portfolio company funds.
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Christopher Simpson

  

 

Christopher advises on all aspects of the formation, maintenance and restructuring of BVI investments funds. He also has extensive experience on a wide range of corporate and finance matters. 

 

 

 

 

 

 

 

 

TOPBVI Funds – Key Deadlines
Greetings!

Even though the Securities and Investment Business Act, 2010 is reaching its two year anniversary, we find it quite useful to clients to remind them of some of the annual filings that have to be made with the BVI Financial Services Commission.

 

We have therefore set out below some key upcoming dates for BVI funds.

 

AnnualRecAnnual Recognition Fees 

Annual recognition fees for all BVI private, professional and public funds and for all BVI fund managers will become due for payment on March 31st. The annual recognition fee for private and professional funds is US$1000 and for fund managers and public funds the annual licence fee is US$1500. All funds should therefore make arrangements to pay these fees at the earliest to ensure that the fund’s approval does not lapse.

 

Audited Financials
 

For those funds whose financial year ended on December 31st, this might also be a good time to ensure that financial statements for all professional or private BVI funds are being prepared. All private and professional funds are required to submit audited financial statements to the BVI Financial Services Commission within six months after the financial year end for the financial statements. For funds whose financial year ended on December 31st the deadline for submitting  audited financial statements will therefore be June 30th.

 

It should be noted that it is possible to obtain an extension to submit audited financial statements, if necessary.

 

Please contact us for more information. 

 

 

Mutual Fund Statistical Returns
 

Annual mutual fund returns are to be filed by June 30th in each year in respect of the previous year and are required to be submitted electronically. These returns essentially require funds to report basic prudential and governance information, summary financial information, including gross and net asset values, subscriptions, redemptions and expenses as well as asset allocation details. The information is collected and analysed by the BVIFSC for the purpose of assisting it in carrying out its various functions including protecting and developing the fund industry in the BVI.

  

RecentNewsFSC Releases new Guidelines
 

On March 15, 2012 the BVI Financial Services Commission (FSC) published its “Guidelines for Applying for an exemption to appoint a Custodian or Fund Manager.” These Guidelines relate to regulation 7 (2) of the Mutual Fund Regulations, 2010 that permit the FSC to exempt a private or professional fund from the requirement to appoint a fund manager or a custodian. Read More

  

Contact Us

ContactUsFor more information or for advice please contact Kerry Anderson (kanderson@onealwebster.com) or Christopher Simpson (csimpson@onealwebster.com ).

  

The next issue of our quarterly client briefing will include discussions on the following topics : 

  

  • Virgin Island Special Trust Act (VISTA)
  • BVI: Best domicile for start up funds  
  • Dealing with shares of a deceased shareholder of a BVI company

 

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O’Neal Webster

Simmonds Building, 30 DeCastro Street, Road Town
Tortola, British Virgin Islands
tel: +1(284) 494-5808
fax: +1(284) 494-5811
email:  
info@onealwebster.com

 

 

The information contained in this e-mail is provided for informational purposes only, and nothing contained herein should be construed as legal advice.

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O’Neal Webster | 30 De Castro Street | Road Town | Tortola | Virgin Islands, British

O'Neal Webster is a leading offshore law firm in the British Virgin Islands providing superior legal services to clients globally. The firm is a member of Lex Mundi, the world's largest association of independent law firms.

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