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BVI mutual fund annual returns due by 30 June

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All BVI mutual funds, which are recognised or registered under the BVI Mutual Funds Act 1996, must submit a return to the FSC no later than Tuesday 30 June 2009. 

All BVI mutual funds, which are recognised or registered under the BVI Mutual Funds Act 1996, must submit a return to the FSC no later than Tuesday 30 June 2009. 

The period which must be covered in the return relates to the calendar year ending 31 December 2008.

The return requires funds to make disclosures to the FSC about their basic prudential and governance information and summary financial information including details of its asset allocation. The return does not require any information on the identity of investors or the specific investments within the fund’s portfolio.

The form of the return was published by the FSC on 9 September 2008 with accompanying guidance notes.

In September 2008, the FSC announced that the annual return for the period ended 31 December 2008 would be mandatory and that legislation would be introduced to effect this in due course. At this time, no legislation has been passed but the FSC has recently indicated that it still intends to make the filing of the return mandatory in time for the deadline of 30 June 2009. 

Assuming that legislation introducing the annual return regime is adopted, failure by a fund to submit a return by the deadline may render it liable to administrative penalties and/or enforcement action.

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