All BVI private, professional and public funds are required to submit an annual return in the specified form to the Financial Services Commission (FSC) on or before 30 June in respect of the calendar year ending on 31 December of the previous year.

The FSC has issued a reminder to those funds that have not yet submitted an annual return in respect of the calendar year ending on 31 December 2009 and requested that such funds submit the return no later than 30 October 2010. Funds that fail to make the required filing by this date may be subject to applicable penalties and enforcement action. We believe from the terms of the reminder and subsequent dialogue with the FSC that enforcement action may well be taken against any Fund that does not file a return by this date.

Outstanding annual returns may only be submitted electronically via the FSC's Mutual Funds Annual Return application, accessed here.

A full copy of the FSC press release can be read here.

This is the second calendar year that BVI funds have been required to file the returns (although a voluntary regime existed for a number of years prior to introduction of the current regime). For an overview of the annual return regime please read our prior legal update.