Introduction Of Annual Returns For BVI Investment Funds

The British Virgin Islands Financial Services Commission ("FSC") announced on 9 September 2008 the creation of a new Annual Return regime for BVI investment funds. The new Annual Return replaces the previously administered Mutual Funds survey which funds have been invited to participate in since 2004.

Completion of the Annual Return is voluntary in respect of the year ended 31 December 2007 but the FSC has stated participation will be mandatory in respect of the year ended 31 December 2008.

The requirement to file the Annual Return applies to all funds which are licensed under the Mutual Funds Act, 1996 that is, all private, professional and public funds. Funds which fall outside the scope of the Mutual Funds Act, 1996 such as closed ended vehicles are not required to file an Annual Return.