Sunday, June 28, 2009

The Commission Issues Consultation Draft on Mutual Funds

On June 16, the British Virgin Islands Financial Services Commission has published Mutual Funds Regulations, 2009. This consultation draft document issued under the Securities and Investment Business Act, 2009, concerns private and professional funds, public funds, and their administration.

In the first part of the document, related to private and professional funds, the obligations on them are stated by the Commission, including directors, functionaries of private and professional fund, and investment warning; also, regulations and notifications on preparation and audit of financial statements for private and professional funds.

The second part of the document contains application for registration of public funds, content of prospectus of public fund,and other requirements for this type of mutual funds. The last part of the document is devoted to administration of the funds, and includes requirements for the registers. Schedule in the end of the document concerns information to be contained in Prospectus of a Public Fund in respect of the Manager, the Administrator, the Custodian, the Investment Adviser, the Director and other relevant persons of the fund.

Other points of the Schedule are the Constitution and Objectives of the fund, the Characteristics of Fund Interests in the fund, Valuation of fund property and fund interests, fees, distribution of income, issue and redemption of fund interests, some general and additional information.
Article any source

No comments:

Post a Comment