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International Monetary Fund

sets requirements for audited financial statements prepared by approved auditors; and addresses market abuse and outlines offences such as insider trading and market manipulation. The general requirements will be supplemented by regulations and provisions in the Regulatory Code. The legislation also authorizes the FSC to create other codes to address specific areas, such as the Public Funds Code that covers prospectus disclosure; asset valuation; segregation of fund assets; and other issues related to the regulation of funds offered to the public. A draft of

International Monetary Fund
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. Those areas are implemented with regulatory code, Securities and Investment Business Act (SIBA), related regulations, and the public funds code. The standards and eligibility of those who wish to manage or administer a mutual fund are determined by the Financial Services Commission (FSC) under the authority granted by statute. A mutual fund can be organized as a corporation, unit trust, or partnership.
International Monetary Fund

subsidiary instruments (Mutual Fund Regulations and the Public Funds Code) were reviewed. The FSCA and now SIBA provide the main legal framework for the supervision of securities activities in the BVI. 38. The FSC licenses mutual fund administrators and managers operating in or from the jurisdiction. As of the end of 2009, 573 licenses had been granted. Mutual funds authorized by the FSC are not required to have managers or administrators that are licensed in the jurisdiction and very few of these licensees are resident. SIBA gives the FSC authority to regulate other

International Monetary Fund
This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.
International Monetary Fund

RC standards. Principle 17 Mutual fund conflicts of interest should be dealt with more comprehensively. All of the relationships between the managers, administrators, other functionaries and service providers should be required to be disclosed. Mutual funds, managers and administrators should be required to file annual audited financial statements with the FSC. Managers and administrators should also be required to file other regulatory reports. Institute a program of regular inspections of all of these entities. The Public Funds Code sets out a