Form IB-E2 - Application by a Private Fund/Professional Fund for Exemption from Appointing a Fund Manager

Summary

Form IB-E2 is the official application form used by a British Virgin Islands private fund or professional fund to request an exemption from the requirement to appoint a fund manager, under regulation 7(2) of the Mutual Funds Regulations, 2010. It can be filed either for an already recognised or registered fund, or submitted together with the fund's application for recognition or registration.

• Applicant details: Requires the name of the private fund or professional fund, its date of recognition/registration (or confirmation it is not yet recognised), and licence number where applicable.
• Submitting entity: Identifies the person or entity submitting the application on the fund's behalf and their relationship to the applicant (director, senior officer, manager, authorised representative, or other).
• Grounds for exemption: Requires a detailed statement of reasons for seeking exemption from appointing a fund manager, sufficient to explain the rationale to the Commission.
• Management arrangements: Requires details of current or proposed management arrangements, including the name, address and curriculum vitae of the individual(s) who will carry out the applicant's management function.
• Corporate director disclosure: If management will be carried out by directors including a corporate director, requires the names and addresses of all directors of that corporate director.
• Declaration: Requires a signed declaration confirming the information and accompanying documents are true, accurate and authentic, with a warning that false or misleading information may result in denial of the application and other action.

This is a standard application form rather than a rule imposing ongoing obligations; its requirements apply only to a private fund or professional fund seeking this specific exemption from the BVI Financial Services Commission.

Key obligations

• A private fund or professional fund seeking exemption from appointing a fund manager must submit Form IB-E2 to the Commission with detailed reasons for the exemption request.
• The applicant must provide details of current or proposed management arrangements, including the names, addresses and curricula vitae of individuals performing the management function.
• If a corporate director is involved in managing the applicant, the names and addresses of all directors of that corporate director must be disclosed.
• The person submitting the application must sign a declaration certifying the information and supporting documents are true, accurate and authentic.

Applies to

private funds, professional funds, mutual fund SPCs