More Jurisdictions Recognised Under BVI Mutual Funds Act

by Amanda Banks, Tax-News.com, London

09 June 2006

The British Virgin Islands Financial Services Commission has published an expanded list of countries and jurisdictions
recognised for the purposes of the BVI’s Mutual Funds Act, 1996.

In evaluating countries and jurisdictions for inclusion, the FSC considers whether the country’s regulatory environment is regarded as reputable, and whether recognition of the jurisdiction for the purposes of the Act would enhance the development of the BVI’s mutual fund industry.

The new countries included on the expanded list were: Australia, Canada, Germany, Italy, Japan, Sweden, the Bahamas and the Cayman Islands.

This adds to a list of countries and territories which already includes: Bermuda, Gibraltar, Hong Kong, France, Luxembourg, the Isle of Man, Belgium, Spain, Ireland, Malta, Singapore, Guernsey, Jersey, Switzerland, the UK and the US.

These jurisdictions are deemed by the BVI FSC to have sufficiently prudent systems of regulation/supervision of mutual fund business in place, to allow the approval by the Registrar of Mutual Funds of applications for recognition and registration by British Virgin Islands mutual funds which list a functionary (e.g. a manager) from the recognised jurisdiction.

More than 3,000 mutual funds are registered in the BVI, with more than $100 billion under management.

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