{
  "title": "British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation",
  "publication": "IMF Staff Country Reports, October 25, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/british-virgin-islands-financial-sector-assessment-program-update-documentation-technical-24299",
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  "summary": "In a previous assessment, it was concluded that the British Virgin Islands (BVI) regulatory system governing securities markets functioned well overall, but required improvement in certain areas.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Prior assessment concluded the BVI regulatory system governing securities markets \"functioned well overall, but required improvement in certain areas.\"\n- Improvements are implemented through regulatory code, Securities and Investment Business Act (SIBA), related regulations, and the public funds code.\n- The Financial Services Commission (FSC) determines standards and eligibility of those who wish to manage or administer a mutual fund under authority granted by statute.\n- A mutual fund can be organized as a corporation, unit trust, or partnership."
    },
    {
      "heading": "Regulatory framework and scope",
      "content": "- Key instruments:\n  - Securities and Investment Business Act (SIBA)\n  - Related regulations\n  - Public funds code\n  - Regulatory code\n- Regulator:\n  - Financial Services Commission (FSC) — statutory authority to set standards and eligibility for fund managers and administrators.\n- Fund organization forms:\n  - Corporation\n  - Unit trust\n  - Partnership"
    },
    {
      "heading": "Governance, oversight, and compliance",
      "content": "- FSC responsibilities (as described):\n  - Determine standards and eligibility for those managing or administering mutual funds.\n  - Implement regulatory requirements via the statutory framework noted above.\n- Implementation status:\n  - Areas identified for improvement in the earlier assessment have been implemented through the instruments listed."
    },
    {
      "heading": "Thematic subjects covered",
      "content": "- Asset and liability management\n- Asset valuation\n- Financial institutions\n- Financial services\n- Financial statements\n- Mutual funds\n- Public financial management (PFM)"
    },
    {
      "heading": "Keywords and focal points",
      "content": "- Asset valuation\n- Audited fund report\n- CR\n- Financial statements\n- FSC\n- FSC authority\n- FSC compliance review program\n- FSC website\n- FSC's intention\n- Fund\n- ISCR\n- Mutual fund\n- Mutual funds\n- Public funds\n- Public funds code\n- SIBA regime\n\n---\n\n Content in this bundle\n\n- cr10325\n  - cr10325 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr10325 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "Published: October 25, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455208760.002",
    "Prior assessment concluded the BVI regulatory system governing securities markets \"functioned well overall, but required improvement in certain areas.\"",
    "Improvements are implemented through regulatory code, Securities and Investment Business Act (SIBA), related regulations, and the public funds code.",
    "The Financial Services Commission (FSC) determines standards and eligibility of those who wish to manage or administer a mutual fund under authority granted by statute.",
    "A mutual fund can be organized as a corporation, unit trust, or partnership.",
    "Key instruments:",
    "Regulator:",
    "Fund organization forms:",
    "FSC responsibilities (as described):",
    "Implementation status:",
    "Audited fund report",
    "CR",
    "FSC",
    "FSC authority",
    "FSC compliance review program",
    "FSC website",
    "FSC's intention",
    "Fund",
    "ISCR",
    "Mutual fund",
    "Public funds",
    "Public funds code",
    "SIBA regime",
    "**_cr10325**"
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