Offshore Law Update: BVI Upgrades Annual Fund Returns Procedure

The British Virgin Islands Financial Services Commission this week announced a new electronic reporting system for filing annual fund returns, in a move which will facilitate its regulation and monitoring of the British Virgin Islands (“BVI”) funds industry while providing a significantly more efficient and secure environment for filing annual returns.

The new electronic reporting system supports submissions by segregated portfolio companies as well umbrella structures with improved formatting and the ability to save entries for later submission. The information obtained from the filing is consolidated and used for statistical purposes.

The deadline for filing is October 15, 2009 for the reporting period ending December 31, 2008, but any fund which has already submitted a hard copy of the return is not required to re-file.  Rather, such funds may use the online application for the next reporting period ending December 31, 2009 whose filing deadline will be June 30, 2010.

Anyone requiring further information about the electronic filing system or annual returns which must be filed by BVI funds may contact Robert Briant, Managing Partner of Conyers Dill & Pearman’s BVI office.

About Alex Akesson

Alex has been specializing in hedge fund and alternative investment news since April 2006. Working mainly in research and manager interviews, she has published breaking news on the hedge fund industry on her blog, as well as several industry publications. Her access to hedge fund managers gives her insight into news stories as well, and the ability to track press releases and other breaking news in real time.
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