The BVI Securities and Investment Business Act (the
"SIBA") and the Mutual Fund Regulations (the
"Regulations") under which all hedge funds are regulated
defines a mutual fund as a company, partnership or unit trust
which:
- collects and pools funds for the
purpose of collective investment; and
- issues shares (or similar interests)
that entitle the holder to receive on demand or within a specified
period after demand an amount computed by reference to the value of
a proportionate interest in the whole or part of the net assets of
the company, partnership or unit trust.
Closed-ended funds are outside the scope of regulation (because
the investors do not have the right to receive the NAV of their
interests on demand).
