Legal guide to BVI funds
The BVI Financial Services Commission (FSC) licenses open-ended investment vehicles that fall under the definition of a ‘fund’ for the purposes of the Mutual Funds Act of 1996. A fund falls within this definition if it collects and pools investor funds for the purposes of collective investment and issues shares, interests or units that entitle the holders to redeem a proportionate interest in the fund.
The Mutual Funds Act recognises three categories of funds.
The first is a private fund. This is a fund whose constitutional documents specify either that it will have no more than 50 investors or that the making of an invitation to investors to subscribe for shares/ limited partnership interests/units in the fund is to be made on a “private basis”.
The Act also recognises a professional fund. This is a fund whose shares, limited partnership interests or units are only made available to
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