The BVI has gazetted legislation which has come into force on 31
December 2019, introducing a supervisory regime for closed-ended
funds. The legislation has been put forward to comply with European
Union requirements; most closed-ended funds will be affected but we
do not expect it to adversely affect the promotion or operation of
most private equity or other closed-ended funds in the BVI.
The legislation creates a new category of fund which is required
to make a filing with the BVI Financial Services Commission
("FSC") in order to receive "recognition" by
the FSC provided that it meets certain published criteria.
Regulations to supplement the legislation ("Regulations")
have already been issued.
