In accordance with the relevant Acts and Regulations, all BVI regulated entities are required to submit their audited financial statements to the Financial Services Commission (“Commission”) within six months from their respective financial year end, unless expressly exempted from this obligation.
BVI regulated entities may be exempted from submitting their audited financial statements following a written request and approval from the Commission.
Approved and Incubator Funds and Approved Managers under the Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 and Investment Business (Approved Managers) Regulations, 2012, respectively are required to submit a copy of their financial statements to the Commission within six months from their financial year end. Approved and Incubator Funds and Approved Managers are treated as if they are relevant licensees under the Securities and Investment Business Act, 2010.
In addition to the audited financial statements, all funds are required to submit mutual fund annual returns on or before 30 June of each year, regardless of the funds’ financial reporting period.
Filing extensions may be granted upon request from the Commission; BVI regulated entities may request up to a maximum period to file their audited financial statements based on their licence.
|
BVI Regulated Entities |
Relevant Acts or Regulations |
Maximum Number of Months of Extension |
|
General banking and trust licensees |
Banks and Trust Companies Act, 1990 |
3 |
|
Investment business licensees |
Securities and Investment Business Act, 2010 |
6 |
|
Public funds |
Securities and Investment Business Act, 2010 |
6 |
|
Private and Professional funds |
Mutual Funds Regulations, 2010 |
9 |
|
Private Investment funds |
Private Investment Fund Regulations, 2019 |
9 |
|
Insurance licensees |
Insurance Act, 2008 |
3 |
|
Financing and money services licensees |
Financing and Money Services Act, 2009 |
3 |
Administrative penalties and fines may be enforced by the Commission for failure to file within the deadline.
For more information on the above, please feel free to contact Nigel Macphail (nmacphail@bakertillly.vg).