BVI Public Funds Code, 2010: Summary Of Provisions

At the very end of last year, the BVI Financial Services Commission (FSC) issued the final version of the Public Funds Code, 2010 (the Code) following industry consultation during Summer 2010. As the name suggests, the Code applies to all public funds registered in the BVI under the Securities and Investment Business Act, 2010 (SIBA). The Code has no impact on private and professional funds. As with SIBA itself, the Code is intended to adapt the BVI's regulatory and supervisory environment to be attuned to the new standards called for by the likes of the G20, IMF and IOSCO. In particular, in drafting the Code, the FSC has considered IOSCO's Principles for the Valuation of Hedge Fund Portfolios and AIMA's Guide to Sound Practices for Hedge Fund Valuation.