Monday, 17th January 2011The Mutual Funds Regulations, 2010

Audited Financial Statements

Under Regulation 10(1) and (4) all private and professional funds, including existing funds, are required to prepare and provide a copy of their audited financial statements to the BVI Financial Services Commission within six months after the financial year end, unless they have been exempted from the requirement under Regulation 10(2). Regulation 17(2) provides for public funds to be audited.

Existing funds are not required to prepare or submit financial statements in respect of the current financial year where the financial year began before, and ends after, the commencement date (17 May 2010). However, audited financial statements would be required in respect of the subsequent financial year.