New Annual Return Regime For BVI Investment Funds
It has been announced this month by the British Virgin Islands Financial Services
Commission (FSC) that a new Annual Return regime for BVI investment funds has
been created. The FSC has stated that funds should already begin to prepare accounts for the year
ending December 31, 2008, as the Annual Return must
be completed for this year without fail, depite the legislation not being fully
official yet. Participation for the year prior is voluntary, although it has been strongly
recommended that funds attempt to complete this too. The idea of the Annual Return is that the BVI will be able to benchmark its
fund industry, to conform with international reporting standards, and to enable
the regulator to gather financial information that may assist with the strategic
development of the BVI funds industry.
Under proposed legislation, failure to complete the Annual Return for the 2008 reporting period may lead to enforcement action being taken by the Financial Services Commission including the application of administrative penalties. .
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