BVI Releases Draft Public Funds Code
Thursday, June 17, 2010
The British Virgin Islands’ Financial Services Commission (FSC) is seeking
industry input on the proposed Public Funds Code, which is being drafted pursuant
to section 63(1) of the Securities and Investment Business Act, 2010 (SIBA).
When finalized, the Public Funds Code will codify rules surrounding the impending
introduction of public funds in the island, regulated by the Commission.
The Commission has invited industry practitioners and other stakeholders to
review, evaluate and comment on the proposed code, which is available on the
Commission’s website, with a deadline of June 30, 2010.
The document codifies rules that will apply to Public Funds in such as areas as:
- Corporate governance;
- Policies and procedures;
- The segregation and safekeeping of Fund property
- Valuation and pricing
- Dealing and managing with functionaries
- Record keeping
- Relationship with, and reporting to, the Commission; and
- Disclosure to Investors.