British Virgin Islands Securities and Investment Business Act, 2010 ("SIBA")

12 Nov 2012

On-going requirements for funds recognised as professional funds or private funds under the provisions of the British Virgin Islands Securities and Investment Business Act, 2010 and the Mutual Funds Regulations, 2010 (together, "SIBA").

 

Fees

Annual recognition fee of USD1,000 for a private and professional fund must be paid by 31 March in each calendar year to the BVI Financial Services Commission ("Commission").

Change of Functionality

SIBA requires that not less than 7 days notice be given to the Commission prior to appointment of any new functionary (including custodians, administrators, prime brokers and managers) and, in the case of a functionary ceasing to act, notice within 7 days of the cessation or resignation.

Notice Requirements

SIBA requires a fund to provide written notice to the Commission of the following events, in each case, within14 days of the date of the occurrence of the event:

–  Appointment of a director, authorised representative and auditor or where any such person ceases to hold office for whatever reason;

–  Change in address of the fund's place of business, whether within or outside the BVI;

–  Amendment of constitutional documents; and

–  New or amended offering documents.

Financial Statements

Audited accounts must be filed within 6 months of the relevant financial year end or such longer period not exceeding 15 months as the Commission may approve.

Fund Annual Return

An annual return must be filed by 30 June each year in respect of the previous calendar year.

Money Laundering Reporting Officer

A fund must have a Money Laundering Reporting Officer (MLRO) or other arrangements at all times.