All private, professional and public funds in the British Virgin Islands are required to submit a Mutual Fund Annual Return (MFAR) to the BVI Financial Services Commission (FSC) no later than 30 June 2012 in respect of the calendar year ending 31 December 2011.

Funds and their service providers must make use of the Commission’s e-filing system when preparing and submitting their annual returns.  The e-filing system can be accessed here.

As law firm Harneys points out, failure to complete and file the MFAR on or prior to 30 June exposes a fund to the risk of enforcement action by the FSC.

Harney’s is also reminding funds that there is a general requirement to file audited financial statements with the FSC within six months of the financial year end. Exemptions from the requirement to prepare and file audited financial statements are available in certain circumstances. Applications may also be made in certain circumstances to the FSC for extensions to the filing period.