SPC-INV2 - Notification of Creation of Segregated Portfolios (Mutual Funds)

Summary

This is form SPC-INV2, used to notify the BVI Financial Services Commission of the creation of additional segregated portfolios by a private or professional mutual fund SPC (segregated portfolio company). It is made under Regulation 8 of the Segregated Portfolio Companies (Mutual Funds) Regulations, 2018 and is a notification only, not an approval application.

• Who can use it: Only private and professional mutual fund SPCs that have created additional segregated portfolios where the functionaries appointed are the same as those for existing portfolios, or have a principal office in a jurisdiction recognised under the Securities and Investment Business Act.
• Who cannot use it: Public, incubator or approved mutual fund SPCs, and private or professional funds not meeting the functionary criteria above, must instead seek prior Commission approval using Form SPC-INV1.
• Required attachments: Offering Memorandum for each new segregated portfolio, amendments to the Memorandum and Articles of Association where portfolios are listed in constitutional documents, the current Schedule to the SPC's Certificate of Recognition, and payment of notification fees.
• Fees: USD 350 per segregated portfolio created.
• Filing requirement: All sections of the form, including a Segregated Portfolio Sheet for each new portfolio, must be completed and submitted by the SPC's authorised representative for the notification to be considered filed.
• Declaration: The authorised representative must declare the information is true and accurate, with false or misleading information risking enforcement action or denial of applications.

The form must be filed within fourteen days of the creation of the segregated portfolios; late filing exposes the SPC to penalty fees under the Regulations.

Key obligations

• A private or professional mutual fund SPC that creates additional segregated portfolios meeting the specified functionary criteria must file Form SPC-INV2 with the Commission within 14 days of creation, or become subject to penalty fees
• The authorised representative must complete and submit all sections of the form, including a Segregated Portfolio Sheet for each new segregated portfolio, along with the Offering Memorandum for each portfolio, any amendments to the Memorandum and Articles of Association listing the portfolios, the current Schedule to the Certificate of Recognition, and payment of USD 350 per segregated portfolio created
• Private or professional mutual fund SPCs that do not meet the functionary criteria in paragraph (B), and public, incubator or approved mutual fund SPCs, must seek the Commission's prior approval via Form SPC-INV1 instead of filing this notification
• The authorised representative must declare that the information and documentation provided is true, accurate and authentic

Applies to

private mutual fund SPCs, professional mutual fund SPCs, public mutual fund SPCs, incubator mutual fund SPCs, approved mutual fund SPCs

Deadlines

• 14 days of the creation of the segregated portfolios: Deadline for filing the SPC-INV2 notification form with the Commission after creating additional segregated portfolios; late filing incurs penalty fees