Front Matter

Front Matter Page

© 2010 International Monetary Fund

October 2010

IMF Country Report No. 10/325

British Virgin Islands: Financial Sector Assessment Program Update Documentation—Technical Note on Mutual Fund Regulation

This Technical Note on Mutual Fund Regulation for British Virgin Islands was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in April 2010. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of British Virgin Islands or the Executive Board of the IMF.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

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Washington, D.C.

Front Matter Page

Financial Sector Assessment Program

British Virgin Islands

Mutual Fund Regulation

Technical Note

October 2010

International Monetary Fund

Monetary and Capital Markets Department

Contents

  • Glossary

  • I. General

  • II. Information and Methodology Used for Review

  • III. Market Structure

  • IV. Summary of Findings of Previous Assessment

  • V. Main Findings

    • A. Mutual Funds Regulation

    • B. Summary Update of Assessment of Other Key Areas of the IOSCO Principles

  • Tables

  • 1. Number of Active Mutual Funds, by Category

  • 2. Number of Active Fund Managers and Administrators by Category

Glossary

AML

Anti-Money Laundering

BCA

BVI Business Companies Act, 2004

BVI

British Virgin Islands

FSICA

Financial Services (International Cooperation) Act, 2000

FSC

Financial Services Commission

FSCA

Financial Services Commission Act, 2001 (as amended)

IBCA

International Business Companies Act, 1984

IFRS

International Financial Reporting Standards

IOSCO

International Organization of Securities Commissions

IOSCO MMOU

IOSCO Multilateral MOU Concerning Consultation and Cooperation and the Exchange of Information

IOSCO Principles

IOSCO Objectives and Principles of Securities Regulation

MD

Managing Director of the FSC

MF Act

Mutual Funds Act, 1996

MFAR

Mutual Fund Annual Return

MOU

Memorandum of Understanding

SIBA

Securities and Investment Business Act, 2010

British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation
Author: International Monetary Fund