SPC-INV 1 - Application for Approval to Create Segregated Portfolios (Mutual Funds)

Summary

This is the BVI Financial Services Commission's SPC-INV1 form, used by mutual fund segregated portfolio companies (SPCs) to seek the Commission's prior approval before creating additional segregated portfolios, as required under Regulation 7(1) of the Segregated Portfolio Companies (Mutual Funds) Regulations, 2018.

• Who must use it: All public, incubator and approved mutual fund SPCs creating additional segregated portfolios; and private or professional mutual fund SPCs creating additional segregated portfolios with functionaries different from those on existing portfolios, or without a principal office in a recognised jurisdiction.
• Who submits it: The mutual fund SPC's authorised representative (appointed under section 65 of the Securities and Investment Business Act) must complete and file the form.
• Required attachments: Offering Memorandum or Prospectus for each new segregated portfolio (public, private, professional funds); Investment Warning for each new portfolio (incubator or approved funds); amendments to the Memorandum and Articles of Association if portfolios are listed in constitutional documents; the current Schedule to the Certificate of Registration, Recognition or Status; and payment of application fees.
• Fees: USD 350 per segregated portfolio to be created.
• Form content: Fund identification and type, number of portfolios to be created, a Segregated Portfolio Sheet appendix for each new portfolio detailing functionaries (investment manager, administrator, investment advisor, custodian, prime broker, trustee), proposed date of creation, and a declaration of accuracy signed by the authorised representative.

Submitting false or misleading information may lead the Commission to deny the application or take enforcement action against the mutual fund SPC.

Key obligations

• Mutual fund SPCs within the specified categories must obtain the Commission's prior approval before creating additional segregated portfolios, by submitting the completed SPC-INV1 form.
• All sections of the SPC-INV1 form, plus required supporting documents (offering memorandum/prospectus or investment warning, constitutional document amendments where applicable, current Schedule to Certificate of Registration/Recognition/Status), must be submitted for the application to be considered filed.
• A separate Segregated Portfolio Sheet appendix must be completed for each new segregated portfolio to be created.
• Application fees of $350 per segregated portfolio to be created must be paid.
• The authorised representative must sign a declaration confirming the accuracy of all information and authenticity of documentation submitted.

Applies to

mutual fund segregated portfolio companies (public, private, professional, incubator and approved funds), authorised representatives of mutual fund SPCs