The FSC releases the Public Funds Code to supplement SIBA and
the Mutual Funds Regulations.
Following the enactments of the Securities and Investment
Business Act, 2010 ("SIBA") and Mutual Funds Regulations,
2010 (the "Regulations"), the BVI Financial Services
Commission ("FSC") has now released the Public Funds
Code, 2010 (the "Code"). The Code will come into force on
31 March 2011 and will from that point apply to all BVI funds
registered as public funds.
The objective of the Code is to implement the standards set by
the International Organisation of Securities Commissions
("IOSCO") for the regulation of retail funds, as far as
is relevant and applicable to public funds. In drafting the Code,
in addition to considering ISOCO's Objectives and Principles,
the FSC has also had regard to IOSCO's Principles for the
Valuation of Hedge Fund Portfolios and AIMA's Guide to Sound
Practices for Hedge Fund Valuation, so ensuring that the Code meets
with international best
