The Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 came into force on 15 February 2021.
The British Virgin Islands Financial Services Commission has introduced new annual return reporting requirements for certain categories of licensees, including:
- trust companies;
- investment managers or investment advisors; and
- fund administrators.
Licensees caught by these new regulatory requirements are now required to prepare and submit an annual return, together with an anti-money laundering and countering the financing of terrorism return (an AML/CFT return).
Investment managers licensed as "approved managers" under the Investment Business (Approved Managers) Regulations 2012 are included among the regulated entities affected, albeit they do not need to file an annual return. However, approved managers are required to file an AML/CTF return.
The deadlines for filing these returns is on or before 31 March of each year. However, in this first year of reporting, covering the reporting period from 1 January 2020 to 31 December 2020, the deadline was originally 15 May 2021 (but was subsequently extended to 15 June 2021).
For further information on this topic please contact Simon Schilder, Michael Killourhy, Tim Clipstone or Nicholas Plowman at Ogier by telephone (+1 284 852 7300) or email ([email protected], [email protected], [email protected] or [email protected]). The Ogier website can be accessed at www.ogier.com.