## British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation

_IMF Staff Country Reports, October 25, 2010_

## Source details

**Canonical URL:** [British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation](https://www.imf.org/en/publications/cr/issues/2016/12/31/british-virgin-islands-financial-sector-assessment-program-update-documentation-technical-24299)

## Other formats

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## Bibliographic details
- Published: October 25, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455208760.002

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### Executive summary
- 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.

### Regulatory framework and scope
- Key instruments:
  - Securities and Investment Business Act (SIBA)
  - Related regulations
  - Public funds code
  - Regulatory code
- Regulator:
  - Financial Services Commission (FSC) — statutory authority to set standards and eligibility for fund managers and administrators.
- Fund organization forms:
  - Corporation
  - Unit trust
  - Partnership

### Governance, oversight, and compliance
- FSC responsibilities (as described):
  - Determine standards and eligibility for those managing or administering mutual funds.
  - Implement regulatory requirements via the statutory framework noted above.
- Implementation status:
  - Areas identified for improvement in the earlier assessment have been implemented through the instruments listed.

### Thematic subjects covered
- Asset and liability management
- Asset valuation
- Financial institutions
- Financial services
- Financial statements
- Mutual funds
- Public financial management (PFM)

### Keywords and focal points
- Asset valuation
- Audited fund report
- CR
- Financial statements
- FSC
- FSC authority
- FSC compliance review program
- FSC website
- FSC's intention
- Fund
- ISCR
- Mutual fund
- Mutual funds
- Public funds
- Public funds code
- SIBA regime

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/british-virgin-islands-financial-sector-assessment-program-update-documentation-technical-24299_