Fund clients are reminded about the 30 June 2022 filing deadline to submit the required information. Please see our overview below.
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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 Managers with 31 December financial year-end | Audited accounts | Unaudited accounts | Mutual Fund Annual 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 | / |
| Approved fund | / | 30 June 2022 | / |
| Private investment fund | 30 June 2022 | / | / |
| Approved Manager | / | 30 June 2022 | / |
| Investment Business Licence holders | 30 June 2022 | / | / |
For a handy reference on the features and general requirements of BVI open-end funds, please see here.
Submission procedure for financial statements
Submission of the audited/unaudited financial statements to the FSC can only be made through the relevant appointed authorised representative. For Marbury BVI fund clients, your relationship manager has already initiated the submission process with you and Marbury’s authorised representative.
Mutual Fund Annual Returns
All Funds are subject to an additional annual reporting requirement. The Mutual Fund Annual Return (MFAR) must be submitted to the FSC within six months of the fund’s financial year-end. Thus for those with the standard financial year ending 31 December, the submission deadline is on or before 30 June.
Submission of the MFAR is made via a dedicated portal for which require prior registration is necessary. Marbury’s fund services and compliance teams can assist with the submission.
For further information about these services please contact your usual relationship manager or info@marburys.com.