In the British Virgin Islands (BVI), an authorised representative plays a crucial role in the regulatory framework for funds and licensees. This individual or entity must be resident in the BVI and certified by the British Virgin Islands Financial Services Commission (FSC). All licensees, including public, private, professional, private investment, and recognized foreign funds, are required to appoint and maintain an authorised representative. Even if a fund has a significant management presence in the BVI, it must still have an authorised representative.
The following entities are required to appoint authorised representatives:
- Any private, professional, or public fund conducting business or presenting itself as conducting business in or from within the BVI.
- Any person or entity licensed under the Securities and Investment Business Act (SIBA).
- Any person or entity approved as an approved manager under the Regulations.
The role of an authorised representative is pivotal in the FSC's monitoring and supervision of licensees. The main duties of an authorised representative include:
- Acting as the primary point of contact between the FSC and the licensee or mutual fund within the BVI.
- Accepting service of notices and other documents on behalf of the licensee or fund.
- Keeping all records or copies of such records and other documents required to be maintained by the licensee or mutual fund under the Regulatory Code and the Mutual Funds Regulations.
- Providing ongoing reminders and follow-ups for annual filings.
All documents to be submitted to the FSC by the licensee or mutual fund must be submitted through its authorised representative. Additionally, all fees to be paid by the licensee or mutual fund must be paid by the authorised representative on its behalf.
In summary, the authorised representative is a key figure in ensuring compliance and effective communication between the FSC and the entities operating within the BVI. Their responsibilities are essential for maintaining the integrity and smooth operation of the regulatory environment in the BVI.
How we can assist
Trident Trust's global fund services team combines specialist industry expertise and technology with personal service and a commitment to long-term relationships. We provide a full range of fund administration and investor services across various fund domiciles, including the BVI. Our services include:
- Entity formation, including Limited Partnerships and Special Purpose Vehicles
- Fund licensing applications, Approved Investment Manager applications, trademark and VASP applications
- Provision of Authorized Representatives and compliance officers
- Office space and administrative support
With Trident Trust, you have access to a comprehensive suite of services to establish and manage your BVI funds effectively. If you have any questions or need further assistance, our team is here to help. Please contact your usual Trident Trust representative or our office at bvi@tridenttrust.com.