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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