The Investment Business (Approved Managers) Regulations, 2012 (the "Regulations") provides a regulatory 'light' regime for qualifying managers in the British Virgin Islands ("BVI Approved Managers").
BVI Approved Managers are reminded of the requirement to file an annual return with the BVI Financial Services Commission (the "Commission") by 31 January 2021 in respect of the preceding year pursuant to the Regulations.
The annual return should be in a prescribed form confirming:
(a) compliance with the requirements of the Regulations;
(b) that each director, senior officer and shareholder with a significant interest is fit and proper; and
(c) details of (i) entities to which the BVI Approved Manager provides services; (ii) the assets under management for such entities; (iii) the number of investors for such entities; and (iv) whether the BVI Approved Manager has received any significant complaints.
Anti-Money Laundering Requirements
In addition, BVI Approved Managers are reminded that they are subject to the BVI Anti-Money Laundering Regulations, 2013 Revision (as amended)(the "AML Regulations") and the provisions of the BVI Anti-Money Laundering and Terrorist Financing Code of Practice 2013 Revision (as amended), which include, among other things, a requirement to:
(a) appoint a money laundering reporting officer (an "MLRO"); and
(b) maintain policies and procedures with respect to client identification, record keeping, internal reporting and internal controls and communications, which meet the requirements set out in Regulation 3 of the AML Regulations (the "Policies").
The Commission has recently contacted all BVI Approved Managers requesting: (i) certain information on their MLRO; and (ii) a copy of their Policies, each of which is to be provided by 31 January 2021.
The Maples Group can assist BVI Approved Managers to ensure compliance with the above noted requirements (including by preparing or reviewing Policies, advising on the appointment, eligibility requirements and reporting obligations for an MLRO) and preparing and filing of the annual return.
1 This is distinct from BVI managers holding a full investment business license pursuant to The Securities and Investments Business Act, 2010.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.