Are existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?

Where the offering document of an existing private or professional fund does not contain an investment warning, the offering document must be amended to include same before the fund makes an offer or invitation to an investor or potential investor to purchase or subscribe for shares.   This requirement is prescribed by Regulation 9 and takes effect on the first transition date of 3 August 2010.
The investment warning should be included in a prominent place in the fund’s offering document.  Where no offering document is issued the investment warning should be provided to each investor as a separate document. The requirement to issue an investment warning is therefore a prerequisite to the making of an offer or invitation to purchase or subscribe for shares.     
Existing funds that are not making an offer or invitation need not amend their offering documents unless and until they make an offer or invitation to investors or potential investors.

Contact Information

British Virgin Islands Financial Services Commission

Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
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