Client Advisory - Significant Dates for Licensees

May 15, 2015

Clients are reminded that audited financial statements should be filed with the Financial Services Commission within six months of the Licensee’s year end. This applies to all Licensees that hold licenses under the Banks & Trust Companies Act, Insurance Act, Securities and Investment Business Act and Funds.

Funds and Licensees could be faced with administrative penalties and/or enforcement action if they fail to meet the deadline.

Funds and Licensees must prepare financial statements for each financial year in accordance with one of the prescribed accounting standards or internationally recognised and generally accepted accounting standards equivalent to such prescribed accounting standards.

Funds and Licensees which are not in a position to file the audited financial statements by the annual filing deadline may apply to the FSC for an extension.

Funds and Licensees should submit audited financial statements to the FSC through their appointed insurance manager or authorised representative.

All Funds are required to submit a mutual fund annual return ("MFAR") to the FSC, which includes:

(a) Basic information on its registered agent and functionaries.

(b) Summary financial information for the relevant reporting period.

The reporting period for the MFAR is every calendar year, ending on 31 December. Funds will be required to submit the MFAR within six months of the end of each reporting period, i.e. on or before 30 June.

The MFAR must be submitted to the FSC electronically. To complete and submit the MFAR, please access https://returns.bvifsc.vg. If you have not previously filed the MFAR electronically then you will need to register as a new user on the FSC's website and obtain log in details by email.

Please refer to the FSC's full guidance notes.

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