Mutual Funds Annual Returns Update

Tortola, British Virgin Islands - 11 October, 2010 - The British Virgin Islands Financial Services Commission (the "FSC") is reminding Mutual Funds (and their services providers) that Mutual Funds Annual Returns ("Annual Return") for the 2009 financial year are now past due. All BVI Mutual Funds are required to file an Annual Return on or before 30 June in respect of the year immediately preceding.

Funds who have failed to satisfy the requirement to file the returns in accordance with the Order are asked to remit the outstanding 2009 Returns before 30 October, 2010. All funds that have failed to make the required filings may be subject to applicable penalties and enforcement actions Outstanding Annual returns submission will only be accepted electronically via the FSC's Mutual Funds Annual Return application which may be accessed on the FSC website: www.bvifsc.vg

Funds that submitted 2009 Returns via the MFAR application, by e-mail or by post, or funds whose certificates were cancelled in 2009 or were approved to commence voluntary liquidation in 2009, are not subject to enforcement action or administrative penalties as they are considered to have met the requirement.

Funds who did not commence business in 2009 are still required to file an Annual Return indicating that there was no activity for the 2009 reporting period.

The MFAR application offers functionaries a secure environment to provide prudential, governance and summary financial information, including simplified filing for SPCs and umbrella structures.

For additional information please contact the FSC's Policy, Research and Statistics Division or send an e-mail to [email protected].

About the British Virgin Islands Financial Services Commission

The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory.

The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

For further information, please contact:

Corporate Communications
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016
Email: [email protected]