The British Virgin Islands Financial Services Commission has made several important changes to its financial services rules that apply to funds.

The regulator has issued the guidelines in accordance with s41A Financial Services Commission Act. They elaborate on applications for fund exemptions and extensions that relate to the preparation and submission of financial statements, the appointment of auditors  and the approval of an auditing standard. They make pronouncements in relation to private, professional, public, private investment, incubator and approved funds. They detail the circumstances under which the commission may consider granting an exemption from the requirement to prepare and submit financial statements, an exemption from the requirement to appoint an auditor,  an extension of time for the preparation and submission of audited financial statements and approval of new auditing standards.

The guidelines also stipulate the information that anyone who makes relevant applications ought to submit. An appendix outlines the fees payable when someone applies for an exemption or an extension.