Hedgeweek Guide to setting up Alternative Investment Funds: The British Virgin Islands

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Originally published in FOCUS REPORT: Hedgeweek Guide to setting up Alternative Investment Funds, Jun 2012 www.hedgeweek.com.

The British Virgin Islands is a leading jurisdiction for the formation of alternative investment funds, having approximately 2,525 funds registered or recognised under the Securities and Investment Business Act 2010 (SIBA). Funds recognised or registered under SIBA are regulated by the Financial Services Commission (the Commission), the financial regulator in the British Virgin Islands.

SIBA requires all investment funds falling within its definition of “fund” to be recognised or registered with the Commission. SIBA restricts the definition of “mutual fund” to open-ended funds that entitle investors to demand redemption of their fund interests immediately or within a period of notice. Accordingly only such funds are regulated under SIBA. Closed ended funds are not subject to specific regulation although BVI established managers and other BVI established functionaries of closed ended funds will in many circumstances require a licence under SIBA.

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