Regulatory Alerts2006-03-01
Segregated Portfolio Companies Regulations, 2005
The Governor in Council of the Virgin Islands issued these regulations under the BVI Business Companies Act, 2004 to govern the incorporation and operation of segregated portfolio companies that are mutual funds. The rules mandate specific application procedures for approval, require the appointment of designated functionaries, and establish strict protocols for the creation and notification of segregated portfolios to the Financial Services Commission. Additionally, the regulations impose ongoing compliance obligations regarding financial audits, name controls, and information updates, while defining a detailed schedule of fees and penalties for administrative services.
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