Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

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4. Results: Answers
Alternative Investment Funds
7.
Reporting, governance and risk management
7.1
What key disclosure requirements apply to alternative investment funds in your jurisdiction?
British Virgin Islands

Answer ... The amount of information made public on BVI funds is limited. General information – such as the registration number, registered office, registered agent, incorporation/formation date, authorised shares (companies only), status (eg, if struck off), memorandum and articles of association (for companies) or registration statement (for limited partnerships) – and the register of charges can be obtained from the registry of corporate affairs or registry of limited partnerships.

Registers of directors and shareholders or partners are not publicly available.

The names and category of fund of each regulated fund in the British Virgin Islands are available on searching the register of regulated entities, available on the website of the BVI Financial Services Commission (FSC).

For more information about this answer please contact: Ian Montgomery from Collas Crill
7.2
What key reporting requirements apply to alternative investment funds in your jurisdiction?
British Virgin Islands

Answer ... Private, professional and public funds must submit a mutual fund annual return via the FSC’s website in respect of the previous calendar year by 30 June each year. The mutual funs annual return requires the disclosure of basic prudential and governance information and a summary of financial information.

Incubator and approved funds must submit a report to the FSC providing information regarding number of investors, aggregate subscriptions and redemptions, total investments, net asset value and details of any significant investor complaints. Incubator funds must provide this information twice a year for the six-month periods ending 30 June and 31 December in each year (no later than 31 July and 31 January respectively). Approved funds must provide this information annually for the period ending 31 December (no later than 31 January). In addition, incubator and approved funds must provide to the FSC by 31 January each year a return stating that they are not in breach of the requirements of the Incubator and Approved Fund Regulations.

BVI alternative investment funds (AIFs) must submit audited financial statements to the FSC within six months of the end of each financial year. Incubator and approved funds need not have their financial statements audited, but must submit unaudited financial statements to the FSC within six months of the end of each financial year.

BVI AIFs must report for Foreign Account Tax Compliance Act and Common Reporting Standard purposes to the BVI International Tax Authority by 31 May each year.

Each category of fund is subject to various consent or notification provisions in relation to ongoing operations – for example, in the event of changes to constitutional documents, offering documents, directors, functionaries and other significant events.

For more information about this answer please contact: Ian Montgomery from Collas Crill
7.3
What key governance requirements apply to alternative investment funds in your jurisdiction?
British Virgin Islands

Answer ... BVI AIFs must have at least two directors, at least one of which must be an individual. Only an individual may be appointed as a director of a public fund.

BVI AIFs must maintain clear and comprehensive policies for valuation of fund property and ensure that a person, independent from the person responsible for the fund’s management, is responsible for the valuation process. Approved, private, professional and public funds must appoint an administrator.

BVI AIFs must have a person responsible for undertaking or arrangements in place to ensure the safekeeping of fund property, including the segregation of fund property. Private, professional and public funds must, subject to the availability of exemptions, appoint a custodian.

Private, professional and public funds and private investment funds must appoint a fund manager or a person responsible for undertaking the management of fund property (in the case of a private investment fund).

Public funds are subject to more detailed governance requirements, set out in the Public Funds Code.

For more information about this answer please contact: Ian Montgomery from Collas Crill
7.4
What key risk management requirements apply to alternative investment funds in your jurisdiction?
British Virgin Islands

Answer ... Fund managers, administrators and custodians each play a role (as applicable) in ensuring that risks are managed.

For more information about this answer please contact: Ian Montgomery from Collas Crill
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Alternative Investment Funds