Public Funds (Amendment) Code, 2020

Summary

This is a short amending instrument that updates the BVI Public Funds Code. It inserts a new requirement into section 15(2) of the Public Funds Code, which sets out matters that must be addressed in a public fund's constitutive or offering documents.

• New requirement added: Section 15(2) of the Public Funds Code is amended to add paragraph (d), requiring that fund property be valued at least on an annual basis.
• Drafting change: Consequential wording changes are made to paragraphs (b) and (c) of section 15(2) to accommodate the new paragraph (d).
• Commencement: The amendment is deemed to have come into force on the date the Securities and Investment Business (Amendment) Act, 2019 was brought into force, rather than on a fixed 2020 date.

The practical effect is that public funds regulated under the Securities and Investment Business Act, 2010 must ensure their governing or offering documents include a provision requiring at least annual valuation of fund property.

Key obligations

• Public funds must ensure their constitutive or offering documents contain a requirement that fund property be valued at least on an annual basis, as newly required by section 15(2)(d) of the Public Funds Code.

Applies to

public funds, recognized funds under the Securities and Investment Business Act, 2010

Deadlines

• date the Securities and Investment Business (Amendment) Act, 2019 was brought into force: Deemed commencement date of the Public Funds (Amendment) Code, 2020.