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.