Regulatory updates to the BVI Fund and Fund Manager regime
In line with BVI's commitment to stay at the forefront of
'international legislation and EU compliance', the BVI
enacted the Mutual Funds (Amendment) Regulations, 2019
(MFR) and Securities and Investment Business
(Incubator and Approved Funds) (Amendment) Regulations, 2019. Both
came into force on 31 December 2019.
Who does this new regime apply to?
The regulatory amendments apply to BVI funds and 'their
advisors'.
Provisions come into force on 1 July 2020.
Key amendments and what these mean in practice
1. Valuation of fund property
All funds must:
- maintain a clear and comprehensive
policy for the valuation of fund property with procedures that are
sufficient to ensure that the valuation policy is effectively
implemented
