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BVI Upgrades Annual Fund Returns Procedure

October 2009

The British Virgin Islands Financial Services Commission this week announced a new electronic reporting system for filing annual fund returns, in a move which will facilitate its regulation and monitoring of the British Virgin Islands (“BVI”) funds industry while providing a significantly more efficient and secure environment for filing annual returns.

The new electronic reporting system supports submissions by segregated portfolio companies as well umbrella structures with improved formatting and the ability to save entries for later submission. The information obtained from the filing is consolidated and used for statistical purposes.

The deadline for filing is October 15, 2009 for the reporting period ending December 31, 2008, but any fund which has already submitted a hard copy of the return is not required to re-file. Rather, such funds may use the online application for the next reporting period ending December 31, 2009 whose filing deadline will be June 30, 2010.

Information about registration for electronic filing is available at https://returns.bvifsc.vg. Guidance notes on the annual return regime can be found on the Financial Services Commission’s website (www.bvifsc.vg). Anyone requiring further information about the electronic filing system or annual returns which must be filed by BVI funds may contact Robert Briant, Managing Partner of Conyers Dill & Pearman’s BVI office.

Conyers Dill & Pearman advises on all aspects of BVI corporate and commercial law, providing specialist advice on funds, public offerings of securities of BVI companies listed on various stock exchanges, M&A transactions, banking, e-commerce, structured finance transactions, re/insurance, partnerships, shipping, aircraft, litigation and insolvency.

 

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