Mutual Funds

INTRODUCTION

The object of this Memorandum is to provide clients of Walkers with general information on the formation and operation of mutual funds in the British Virgin Islands

BRITISH VIRGIN ISLANDS OVERVIEW

As a British Overseas Territory, the BVI offers all the security and stability traditionally associated with the British flag. The territory is responsible for its own internal self-government. The BVI has an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London.

The United Kingdom remains responsible for the territory's external affairs, defense, internal security and the courts. However, based upon BVI's integrity, and responsiveness to the interests of the financial community, it has become the only Caribbean Overseas Territory to which the British Government has devolved responsibility for developing and