BVI Funds - Continuing Obligations - Private and Professional Funds

   Action

 By when?

Notification of proposed appointment of a functionary (Regulation 7 (5) of the Mutual Funds Regulations)

At least 7 days prior notice

Notification of functionary ceasing to hold office (Regulation 8 (1) of the Mutual Funds Regulations)

Within 7 days, including reasons why ceasing to hold office

Notification of appointment of directors, authorised representative or auditor (Regulation 11 (1)(a) of the Mutual Funds Regulations )

Within 14 days of the occurance

Notification of directors, authorised representative or auditor ceasing to hold office (Regulation 11 (1) (b) of the Mutual Funds Regulations)

Within 14 days of the occurrence

Notification of any change in the address of fund’s place of business (Regulation 11 (1) (c) of the Mutual Funds Regulations)

Within 14 days of the occurrence

Notification of any material change in nature and scope of foreign fund’s business (Regulation 11 (1) (d) of the Mutual Funds Regulations)

As soon as reasonably practicable

Notification of any amendment to its constitutional documents (Regulation 11 (1) (e) of the Mutual Funds Regulations)

No more than 14 days after the occurrence

Notification of the issuance of any new offering documents (Regulation 11(1) (f) of the Mutual Funds Regulations)

No more than 14 days after the occurrence

Notification of the amendment of any offering document (Regulation 11(1) (g) of the Mutual Funds Regulations)

No more than 14 days after the occurrence

Filing of Mutual Funds Annual Return with the FSC

By 30^th June of each year

For Segregated Portfolio Companies
Creation of additional Segregated Portfolios:

Public Fund

Private/Professional Funds

 

Prior written approval of FSC

Prior written approval of FSC, unless functionaries are unchanged or functionaries have their place of business in a "recognised jurisdiction"

Submission of annual CRS reporting

By 31 May of each year

The Fund should also initially register on ITA's reporting portal (BVIFRAS) as soon as possible following incorporation/formation

By anniversary of incorporation date – as a BVI fund, undertaking "Investment Fund Business", the Fund will not be undertaking "relevant activities" and the self-certification will confirm this.

The Fund's registered agent should be instructed to make this filing on the Fund's behalf upon receipt of written confirmation of all necessary information from the Fund