BVI FSC Issues New Guidance Notes on the Mutual Funds Act, 1996

On September 16, 2008, the BVI Financial Services Commission published 'The Mutual Funds Act, 1996 Guidance Notes On Mutual Fund Annual Returns'. The Guidance Notes issued with respect to the Mutual Funds Act, 1996, include “the Mutual Fund Annual Returns” Form, which may be completed by any director, officer or otherwise authorised representative of the reporting fund. The return must be submitted within the six months after the end of the reporting period to BVI FSC.

Currently issued Guidance Notes consist of two parts. The first part named “Notes on Authorisation” includes information on how to fill in the name of reporting fund, the Certificate number, the reporting period, how to select the characteristics of the entity, how to indicate the names and addresses of approved functionaries. The second part of the document named “Notes on Fund Information” includes other important matters concerning General Asset Allocation, Asset Allocation by Jurisdiction, Investment Information, and Summary Expenses including management expenses, performance expenses, administration and professional expenses.

BVI is one of the most popular offshore mutual funds jurisdiction. There are more than 2.5 thousand active mutual and hedge funds in the BVI.