ARTICLE · 26 NOVEMBER 2008

FSC Introduces An Annual Financial Reporting Regime

Ogier

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The implementation of this annual financial reporting regime takes immediate effect and imposes a regulatory obligation on funds to file a Return for the reporting period ending 31 December 2008 and each year thereafter.

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Introduction

The British Virgin Islands Financial Services Commission ("FSC") announced on 9 September 2008 the introduction of an annual financial reporting regime, which will require all funds to file a "Mutual Funds Annual Return" each year (the "Return").

The implementation of this annual financial reporting regime takes immediate effect and imposes a regulatory obligation on funds to file a Return for the reporting period ending 31 December 2008 and each year thereafter.

Which funds will be required to file a Return?

The requirement to file a Return applies to all funds which are licensed under the Mutual Funds Act, 1996 and as a consequence, all private, professional and public funds will, going forward, be required to file a Return each year.

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