Annual Returns Deadline for BVI Regulated Funds: 30 June 2011
All BVI private, professional and public funds ("Funds") are subject to an annual reporting regime under which annual returns ("Annual Returns") must be submitted to the Financial Services Commission (the "FSC").
Annual Returns for the 2010 reporting period must be submitted electronically to the FSC on or before 30 June 2011. Funds could be faced with administrative penalties and/or enforcement action if they fail to meet the deadline. Funds that are not registered or recognised under the Securities and Investment Business Act, 2010, for example closed end funds, are not required to submit an Annual Return.
Each Fund must report on the following:
- basic prudential and governance information, which includes information on its registered agent and functionaries; and
- summary financial information for the relevant reporting period, which includes beginning NAV, total subscriptions, total redemptions, net income/net loss, dividends/distributions, ending NAV and year-end gross assets.
Asset allocation details are required, but there is no need to set out specific details of individual investments. Details of investors do not have to be disclosed in Annual Returns.
The reporting period for Annual Returns is every calendar year, ending on 31 December. Funds will be required to submit Annual Returns within six months of the end of each reporting period.
The FSC intends to use the information filed in Annual Returns to measure and develop the BVI funds industry whilst at the same time meeting international reporting standards. We understand that the FSC will not make Annual Returns publicly available, but may share information gathered from them on an aggregate basis.
If you require assistance, please email the FSC at email@example.com or contact Maples and Calder as follows: Richard May (British Virgin Islands); Philip Ireland (Dubai); Barry Mitchell (Hong Kong) or Chris McKenzie (London).