BVI Public Fund License_Guideline
BVI Public 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 Public Fund License
A fund which will not be “recognized” as a professional fund or private fund must apply for “registration” as a public fund under SIBA. In order to be registered, the public fund must demonstrate to the FSC that it satisfies the requirements of a public fund as set out in SIBA.
Functionaries’ requirements
BVI funds, recognized or registered under SIBA, are generally required to appoint functionaries who must either meet the FSC’s ‘fit and proper’ criteria, or must be located in one of the BVI’s recognized jurisdictions. Functionaries from a non-recognized jurisdiction may also be appointed, provided that they will satisfy the FSC that their jurisdiction has an effective regulation on investment businesses in place. The below functionaries need to be appointed for a public fund.
Functionaries | Eligibility Criteria |
Director |
|
Administrator |
|
Custodian |
|
Auditor |
|
Authorised Representative |
|
Investment manager |
|
Ongoing requirements
- A Public Fund must pay its annual mutual fund fee to the FSC by 31 March in each year.
- A Public fund must file its statistical return with the FSC by 30 June in each year (“Return”). The Return may be completed by any director, officer or other authorised representative of the reporting fund.
- A Public fund must provide a copy of its annual financial statements to the FSC within six months after the end of its financial year or such extended period, not exceeding 15 months, as the FSC may approve in writing.
- a public fund must at all times have an adequate number of directors, being at least two (only an individual may be appointed as a director of a public fund) who are capable of exercising independent judgment, have sufficient time and commitment to undertake their duties and have sufficient knowledge, skills, experience and understanding of the fund’s business to ensure that the governing body is able to fulfil its obligations.
- A Public fund must appoint and at all times have an authorised representative who shall be a person or entity resident in the BVI and certified by the FSC, unless the fund has a significant management presence in the BVI determined in accordance with the Regulatory Code, 2009 (the “Regulatory Code”).
- A Public fund must appoint and at all times have an auditor for the purpose of auditing its financial statements.
- A Public fund must disclose to the FSC any matter that might reasonably be expected to have a significant regulatory impact including the suspension of valuation, dealing or redemptions, any matter that could impact on the ability of the fund to continue to carry on business and any incidence of fraud or criminal activity which is material to the safety, soundness or reputation of the fund.
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