Focus On British Virgin Islands Regulation


Originally published on HFM WEEK.COM - 31 JAN - 6 FEB 2013.

As a new ‘regulation light’ fund manager regime is launched in the British Virgin Islands, eligible fund managers can now count on a simpler application process. Philip Graham of Harneys provides an update.

The British Virgin Islands (BVI) has introduced a new ‘regulation light’ fund manager regime tailored to meet the requirements of private equity, venture capital and a multitude of other fund managers seeking to commence business quickly and in a cost-effective way. The ‘approved manager’ regime came into effect on 10 December 2012, with the enactment of the Investment Business (Approved Managers) Regulations, 2012 (Regulations) and Approved Investment Managers Guidelines (Guidelines).

The new regulatory alternative complements the more regulated investment business licensing regime under Part I of the Securities and Investment Business Act 2010 (SIBA).

It comes as a result of months of discussion and co-operation between the local service providers in the jurisdiction and the Financial Services Commission of the BVI (Commission) to ensure that the funds industry has an appropriate suite of products to offer the wide variety of requests received.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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