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BVI Business Companies Act, 2004

PART VIII

SEGREGATED PORTFOLIO COMPANIES

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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 content 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;

(c) provide for modifications to the Insolvency Act necessary to apply that Act to the liquidation and administration of segregated portfolios and of segregated portfolio companies;

(d) generally give effect to this Part; and

(e) provide for the fees and penalties payable by segregated portfolio companies which may be in addition to, or in substitution for, the fees and penalties specified in Schedule 1.

(3) Regulations made under this section may make different provision in relation to different persons, circumstances or cases.