Fund Services

Reminder: BVI investment funds regulatory deadlines approaching – 30 June 2022

Fund clients are reminded about the 30 June 2022 filing deadline to submit the required information. Please see our overview below. v Jump to the requirements summary table. v Financial statements Pursuant to the Securities and Business Act (Revised) (SIBA), the Mutual Funds Regulations (Revised) and the Private Investment Funds Regulations, 2019, all BVI private, professional, public, and private investment funds (together Funds) and all investment business licence holders (Licensees) are required to have an appointed auditor for the purposes of auditing their financial statements, unless an exemption has been expressly sought and granted. All Funds and Licensees are required to submit a copy of their audited financial statements to the Financial Services Commission (FSC) within six months of the end of each financial year. Thus those with a financial year ending 31 December 2021 are required to submit their audited financial statements for the 2021 financial year to the FSC on or before 30 June 2022. Under SIBA’s ‘light touch’ regimes governing approved funds, incubator funds and approved managers, these are not required to appoint an auditor and are required only to submit a copy of their financial statements to the FSC within six months of the end of each financial year. Accordingly, those with a financial year ending 31 December are required to submit their financial statements for the 2021 financial year on or before 30 June 2022. Fund Types / Fund Managerswith 31 December financial year-end Audited accounts Unaudited accounts Mutual FundAnnual Return Private fund 30 June 2022 / 30 June 2022 Professional fund 30 June 2022 / 30 June 2022 Public fund 30 June 2022 / 30 June 2022 Incubator fund / 30 June 2022 /

Are your entities compliant?

The Cayman Islands Monetary Authority (CIMA) has recently imposed USD365,000 in administrative fines on an asset manager for breaches of the AML Regulations, serving as a timely reminder on the value of effective compliance and the importance of registered entities having effective anti-money laundering policies and procedures in place.

Summary of BVI open-end investment funds

The British Virgin Islands has long been a jurisdiction of choice for the establishment of companies for use as asset holding vehicles. The development of the inter-connected global economy has led further to the widespread adoption of BVI companies as private equity or investment funds. Today, the BVI is home to over 2,000 registered and recognised investment funds.

The BVI’s popularity was earned through its effective regulatory platform that is aligned to global regulatory standards, and its immensely flexible funds framework.

Considerations in selection of your fund administrator

Launching a new fund or investment structure can be an exciting but daunting experience.  The right choice of partner to help set up and service the structure can make all the difference. Here are a few things we focus on, because they make a huge difference to the manager and the LPs.