Guidance Notes on Mutual Fund Annual Returns (Mutual Funds Act, 1996)

Summary

These guidance notes explain how to complete the Mutual Fund Annual Returns form required under the Mutual Funds Act, 1996. The form is a supervisory reporting tool used by the BVI Financial Services Commission and is not required to be audited. The notes walk through each numbered item on the return, covering fund authorisation details, approved functionaries, financial position, asset allocation and expenses.

• Authorisation details: Fund name, certificate number, reporting period, type of fund (private, professional or public), constitution (BVI company, segregated portfolio company, partnership or unit trust), operating structure, and registered agent details.
• Approved functionaries: Names, addresses and countries of the fund administrator, fund manager, auditor, and custodian/prime broker.
• Financial position: Beginning and ending net asset value, subscriptions, redemptions, net income or loss, dividends/distributions, and gross assets.
• Asset allocation: General asset allocation (equities, debt securities, master fund investments, other funds, derivatives/structured products, cash/money market instruments, other) and allocation by jurisdiction of issuer.
• Investment and expense information: Stock exchange listings, main investment strategy, and summary of management, performance, administration and professional expenses.

The return may be completed by any director, officer or authorised representative of the reporting fund and must be submitted to the BVI FSC. Non-US dollar amounts must be converted to US dollars using the exchange rate prevailing at the end of the reporting period, and multi-class funds must submit a separate return for each class. Submitted information is used for statistical and compliance purposes and is not shared outside the FSC except on an aggregate basis or as required by law.

Key obligations

• The reporting fund must submit the Mutual Fund Annual Returns form to the BVI FSC within six months after the end of the reporting period.
• Non-US dollar amounts must be translated into US dollar equivalents using the exchange rate prevailing as at the date ending the reporting period.
• Multi-class funds that report results separately must complete and submit a separate return for each class.

Applies to

mutual funds, private funds, professional funds, public funds, fund administrators, fund managers, auditors, custodians, prime brokers

Deadlines

• within six months after the end of the reporting period: Deadline for submitting the completed Mutual Fund Annual Returns form to the BVI Financial Services Commission.