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The British Virgin Islands Financial Services Commission (FSC) in a statement advised that all BVI Mutual Funds were required to file an Annual Return on or before 30 June in respect of the year immediately preceding.

Funds who have failed to satisfy the requirement to file the returns in accordance with the Order are asked to remit the outstanding 2009 Returns before  October 30, 2010.  All funds that have failed to make the required filing may be subject to applicable penalties and enforcement action.

Outstanding Annual Return submissions will only be accepted electronically via the FSC’s Mutual Funds Annual Return application which may be accessed on the FSC website: www.bvifsc.vg

Funds that submitted 2009 Returns via the MFAR application, by e-mail or by post, or funds whose certificates were cancelled in 2009 or were approved to commence voluntary liquidation in 2009, are not subject to enforcement action or administrative penalties as they are considered to have met the requirement.

Funds who did not commence business in 2009 are still required to file an Annual Return indicating that there was no activity for the 2009 reporting period.

The MFAR application offers functionaries a secure environment to provide prudential, governance and summary financial information, including simplified filing for SPCs and umbrella structures.

For additional information please contact the FSC’s Policy, Research and Statistics Division or send an e-mail to fundreturns@bvifsc.vg.

For further information, please contact:

Corporate Communications

BVI Financial Services Commission

Pasea Estate, Tortola, British Virgin Islands

Tel:      (284) 494-4190

Fax:     (284) 494-5016

Email:  corpcomm@bvifsc.vg