The BVI Financial Services Commission published the Fund Financial Guidelines which came into force on 31 December 2019. The Guidelines apply to all types of investment funds.
The Guidelines detail the circumstances under which the Commission may consider granting:
- an exemption from the requirement to prepare and submit financial statements
- an exemption from the requirement to appoint an auditor
- an extension of time for the preparation and submission of audited financial statements
- approval of new auditing standards
The Guidelines further specify the information required when making an application for any of the above exemptions, extension or approval. The Guidelines also importantly clarifies the maximum amount of extended time a fund can be granted to prepare and submit financial statements for a relevant financial year.
An Appendix to the Guidelines sets out the fees payable for all exemption and extension applications.
The Fund Financials Guidelines can be found here.