Form F100 Part 4 - Additional Information Required for Application for An Investment Business Licence, Recognition and Registration of Mutual Funds and Related Functionaries (Revised 2012)

Summary

This is Part 4 of Form F100, a supplementary application form used by the BVI Financial Services Commission for applicants seeking an Investment Business Licence, or seeking recognition or registration of a mutual fund and its related functionaries. It collects detailed information beyond the main application, covering the applicant's business locations, managers/administrators, fund details, functionaries, and fund classification.

• General information: Applicants must state their BVI and overseas places of business and identify their Authorised Representative.
• Managers, administrators or manager/administrators: Must disclose regulatory authorities they report to, describe the mutual funds they service and the services provided, disclose sub-delegation arrangements, describe human/technology resources and data security/back up arrangements, and list bankers holding client money accounts.
• Fund recognition or registration: Must provide the fund's name, type (public, private or professional), legal constitution documents, jurisdiction and date of constitution, and, for non BVI funds, a description of the fund's business.
• Functionaries: Must give name, jurisdiction of incorporation, business address and activities for each manager, administrator, investment advisor, custodian, trustee, prime broker and other functionary, including which portfolios they serve for SPCs.
• Private fund classification: Private fund applicants must show the fund's constitutional documents limit investors to 50 or fewer, or otherwise demonstrate that share invitations are made on a private basis.
• Professional fund classification: Professional fund applicants must show the fund meets the professional investor conditions (e.g. US$100,000 minimum investment or a professional investor declaration) as defined under Section 40(1) of the Securities and Investment Business Act.
• Segregated portfolio companies: SPC applicants must name the SPC's administrator and auditor, provide creation dates for segregated portfolios, and list each portfolio's name or designation.
• Offering documents and public funds: Applicants must state whether an offering document has been or will be issued (and provide it, or explain its absence), and public fund applicants must name promoters and disclose where financial and other records are kept, along with copies of functionary agreements.

The form itself does not set out ongoing regulatory obligations or deadlines; it is a data collection instrument required as part of a licence, recognition or registration application to the BVI FSC.

Key obligations

• Provide addresses of all places of business in and outside the BVI and details of the Authorised Representative
• Disclose the regulatory authorities to which the applicant or its group companies report
• Describe the mutual funds serviced and the nature of services provided, and supply copies of any sub-delegation agreements
• Provide a description of human resources, administrative facilities, IT usage, and data security/back-up arrangements
• Disclose the name and address of banks holding client money accounts
• Provide the fund's legal constitution documents, jurisdiction and date of constitution
• Provide details of each functionary (manager, administrator, investment advisor, custodian, trustee, prime broker, other) including jurisdiction of incorporation and activities
• For private funds, demonstrate the 50-investor limit or provide evidence invitations are made on a private basis
• For professional funds, demonstrate satisfaction of the professional investor criteria under Section 40(1) of the Securities and Investment Business Act
• For SPCs, name the administrator and auditor, provide segregated portfolio creation dates, and list all portfolios
• State whether an offering document exists or will be issued, and provide it or explain its absence
• For public funds, disclose promoters and the location of the fund's financial and other records, and provide functionary agreements

Applies to

investment business licence applicants, managers, administrators, manager/administrators, mutual funds (public, private and professional), segregated portfolio companies, investment advisors, custodians, trustees, prime brokers, other fund functionaries