BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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segregated portfolio in accordance with section 139(1);
“segregated portfolio transfer order” means an order of the Court made
under section 149(4).
(2) This Act applies to a segregated portfolio company subject to the
provisions of this Part and to such modifications as are necessary.
135. (1) A company limited by shares may, with the written approval of the
Commission given under subsection (2),
(a) be incorporated as a segregated portfolio company; or
(b) if it has already been incorporated, be registered by the
Registrar as a segregated portfolio company.
(2) The Commission may give its written approval to the incorporation of a
company, or the registration of an existing company, as a segregated
portfolio company only if the company
(a) is, or on its incorporation will be, licensed as an insurer under the
Insurance Act, 1994;
(b) is, or on its incorporation will be, recognised as a professional or
private fund or registered as a public fund under the Mutual Funds
Act, 1996; or
(c) is, or on its incorporation will be, of such class or description
as may be prescribed by the Regulations made under section
159.
(3) The Registrar shall not incorporate or register a company as a
segregated portfolio company unless the Commission has given its
written approval under subsection (1).
136. (1) An application for approval to incorporate or register a company as a
segregated portfolio company shall be made to the Commission in the
approved form and shall be accompanied by such documentation as may be
prescribed.
(2) The Commission may require an applicant under subsection (1) to
furnish it with such other documentation and information as it considers
necessary to determine the application.
137. (1) On receipt of an application under section 36, if it is satisfied that the
company has, or has available to it, the knowledge and expertise necessary
AE/ET/Pub./bg/03.2007
Incorporation or
registration as
segregated
portfolio
company.
No. 15 of 1994
No. 6 of 1996
Application for
approval of
Commission.
Commission
may approve
application.