BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Regulations.
26/2005
26/2005
91
subject to any Regulations made under section 159(2)(c) and subject to such other
modifications as are necessary to give effect to Part III of the Insolvency Act with
respect to the administration of a segregated portfolio.
Division 4 - General Provisions
159. (1) The Executive Council may, on the advice of the Commission, make
Regulations concerning segregated portfolio companies.
(2) Without limiting subsection (1), Regulations made under that subsection
may
(a) provide that the provisions of this Act shall apply in relation to
any class or description of company specified by or prescribed
under section 135(2)(c) subject to such exceptions,
adaptations and modifications as may be specified in the
Regulations;
(b) make provision in respect of any of the following matters:
(i) the classes or descriptions of segregated portfolio
company which shall obtain the approval of the Commission
for the creation of segregated portfolios, or circumstances
in which such approval is required to be obtained,
(ii) where the Commission’s approval is required for the
creation of segregated portfolios under subparagraph (i),
the procedure for the application for, and the granting of,
the Commission’s approval,
(iii) the conduct of the business of segregated portfolio
companies,
(iv) the manner in which segregated portfolio companies may
carry on, or hold themselves out as carrying on, business,
(v) the form and contents of the financial statements of
segregated portfolio companies and the audit requirements
applicable with respect to such financial statements,
(vi) the portfolio liquidation of segregated portfolios under
Division 3, and
(vii) the fees payable by segregated portfolio companies and by
applicants for an approval under section 136;
AE/ET/Pub./bg/03.2007