BVI Regulatory Obligations And Filing Deadlines 2016

AUDITED ACCOUNTS – 30 JUNE 2016

FUND ANNUAL RETURN – 30 JUNE 2016

RECORD KEEPING – ONGOING

AEOI – ONGOING

TIGHTENING ATTITUDE OF THE COMMISSION TO LATE FILINGS

During the past year we have seen that the British Virgin Islands ("BVI") Financial Services Commission (the "Commission") has become increasingly strict with payment and filing deadline contraventions and we have seen a number of administrative penalties levied and other enforcement action taken in respect of late filing of annual returns, failure to obtain the prior consent of the Commission (where required) and changes to functionaries. We expect this trend to continue with further penalties and potential enforcement action by the Commission for non-compliance, in particular in relation to late filing of annual returns and annual accounts.