SPC-INV 4 - Notification of Reinstatement of Segregated Portfolios (Mutual Funds)

Summary

This is form SPC-INV4, used to notify the BVI Financial Services Commission when a mutual fund segregated portfolio company (SPC) has reinstated one or more segregated portfolios that were previously terminated. It is filed under Regulation 12(1) of the Segregated Portfolio Companies (Mutual Funds) Regulations, 2018, and must be submitted by the SPC's authorised representative along with supporting documentation and fees.

• Who must file: The authorised representative (appointed under section 65 of the Securities and Investment Business Act) of any mutual fund SPC that has restored or reused one or more previously terminated segregated portfolios.
• Required attachments: Offering Memorandum/Prospectus (for public, private or professional fund SPCs) or Investment Warning (for incubator or approved fund SPCs) for each reinstated portfolio; board resolution(s) approving reinstatement; amendments to the Memorandum and Articles of Association where portfolios are listed there; the current Schedule to the Certificate of Registration, Recognition or Status; and applicable fees.
• Fees: An application fee of $350 per segregated portfolio being reinstated/created.
• Form contents: Fund identification and type, number of segregated portfolios reinstated, a Segregated Portfolio Sheet for each reinstated portfolio (including termination and reinstatement dates and functionary details), and a declaration by the authorised representative confirming the accuracy of the information.

Late filing beyond the deadline exposes the SPC to penalty fees prescribed under the Regulations, and providing false or misleading information can result in enforcement action or denial of applications submitted on the SPC's behalf.

Key obligations

• The mutual fund SPC's authorised representative must file the completed SPC-INV4 form, all required appendices/documentation, and applicable fees within seven days of reinstating a segregated portfolio
• A Segregated Portfolio Sheet (Section 5 appendix) must be completed for each segregated portfolio reinstated, including functionary and date details
• Pay an application fee of $350 per segregated portfolio being reinstated
• Submit supporting documents: Offering Memorandum/Prospectus or Investment Warning (as applicable to fund type), board resolution(s) approving reinstatement, amended constitutional documents where portfolios are listed, and the current Schedule to the Certificate of Registration, Recognition or Status
• The authorised representative must sign a declaration certifying the accuracy of the information and authenticity of attached documentation

Applies to

mutual fund segregated portfolio companies (SPCs), public mutual funds, private mutual funds, professional mutual funds, incubator funds, approved funds

Deadlines

• within seven (7) days of the reinstatement of segregated portfolios: Deadline to file the SPC-INV4 notification form, appendices, documentation and fees after a segregated portfolio is reinstated; late filing triggers penalty fees under the Regulations.