BVI Professional Fund License_Guideline
BVI Professional Fund License The statutory legislation governing most funds in the BVI is the Securities and Investment Business Regulations 2015 (“SIBA”) and the Mutual Fund Regulations, 2010. About BVI Professional Fund License A BVI Professional Fund is a mutual fund whose interests are made available only to professional investors and the initial investment of each investor (other than certain “exempted investors”) is not less than US$100,000. A professional Investor is described by ‘SIBA’ as a person:
- Whose ordinary business involves, whether for a person’s own account or the account(s) of others the acquisition or disposal of property of the same kind of property, or a substantial part of the property of the fund.
- Who has signed a declaration that he/ she, whether individually or jointly with his/ her spouse, has a net worth in excess of USD 1,000,000 or its equivalent in any other currency and that he consents to being treated as a professional investor.
- The amount each investor subscribes should not be less than US$100,000.
- No restriction on the total number of investors.
- No restriction on the amount of Net Assets held in the Fund.
- Requires and Administrator and Authorized Representative to be appointed.
- Requires an auditor.
- No restriction on the life of the Fund.
- Prepare financial statements complying with the International Financial Reporting Standards.
- Provide a copy of its audited financial statements to the FSC within six months after its financial year end.
- Provide a written notice is required to be given to the FSC within 7 days of any resignation or termination of a functionary of a professional fund. Further, no new functionary may be appointed without at least 7 days prior notification to the FSC of the proposed appointment. A fund does not breach the requirement of the Regulations if a functionary resigns, is terminated or otherwise ceases to act as a functionary and a replacement is appointed within 7 days of the original functionary ceasing to act.
- The FSC is also required to be notified of any change to the directors, authorised representative or auditor of a professional, any change in the address of the fund’s place of business, any amendment to the constitutional documents of the fund, the issue of an offering document that was not previously provided to the FSC and any amendment to such offer document.
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