Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2021

Summary

This Order amends the BVI Financial Services (Prudential and Statistical Returns) Order, 2009, changing filing mechanics and updating several of the standard return forms (Schedules) that regulated entities must submit to the Financial Services Commission. It also revokes and replaces the schedule setting administrative penalties for late or inaccurate filings.

• Electronic filing: Section 8 is replaced to require that all prudential and statistical returns (and any rectifications) be filed in electronic form, using the Commission-specified forms and platform.
• Mutual Fund Annual Return (Schedule 1): Renamed and its filing requirement restated: private, professional, public and recognised foreign funds registered or recognised under the Securities and Investment Business Act, 2010 must file this return on or before 30 June for the preceding year.
• Prudential Return for Banks (Schedule 2): Banking licensees under section 10(1)(a) to (c) of the Banks and Trust Companies Act, 1990 must file this return quarterly, within 15 days after the end of each quarter.
• Fiduciary Services Business Annual Return (Schedule 3): Holders of Class I to V (including Restricted Class II and III) trust licences and company management licensees under section 4(3) of the Company Management Act, 1990 must file this return within one month after the end of each calendar year.
• Other schedule amendments: Schedules 4 through 9 (including AML/CFT return forms such as FSC/RTN/0007) are also amended, and Schedule 10 sets out maximum administrative penalties for failing to file returns, filing late, or filing inaccurate or misleading information.
• Section 4 and 7 amendments: Removes an obsolete exemption ground in section 4(3) and removes cross-references to Schedule 4 procedures and a subsection in section 7, streamlining the return-filing provisions.

The Order took effect on 15 February 2021, but as a transitional measure, offences, penalties and enforcement action under section 10 do not apply to returns due before 30 June 2021 provided they are filed before that date.

Key obligations

• Regulated persons must file all prudential and statistical returns (and any rectifications) in electronic form as specified by the Commission.
• Private funds, professional funds, public funds and recognised foreign funds must file the Mutual Fund Annual Return on or before 30 June each year for the preceding year.
• Banking licensees under section 10(1)(a) to (c) of the Banks and Trust Companies Act, 1990 must file the Prudential Return for Banks quarterly, within 15 days following the end of the relevant quarter.
• Trust licensees (Class I, II, III, IV, V, Restricted Class II and Restricted Class III) and company management licensees must file the Fiduciary Services Business Annual Return within one month after the end of each calendar year.
• Returns due before 30 June 2021 must be filed before that date to avoid enforcement action or penalties under section 10.

Applies to

banks, trust companies (Class I-V and Restricted Class II/III), company managers, mutual funds (private, professional, public and recognised foreign funds), regulated persons filing prudential, statistical and AML/CFT returns

Deadlines

• 15th day of February, 2021: Commencement date of the Order.
• 30th day of June, 2021: Transitional deadline: returns due before this date will not attract offences, penalties or enforcement action under section 10 if filed before this date.
• on or before 30 June (annually, for the preceding year): Deadline for filing the Mutual Fund Annual Return (Schedule 1).
• within 15 days following the end of the relevant quarter: Deadline for filing the quarterly Prudential Return for Banks (Schedule 2).
• within 1 month after the end of each calendar year: Deadline for filing the Fiduciary Services Business Annual Return (Schedule 3).