BVI Expands Securities and Investment Business Regulatory Regime
27 Apr 2010
Many of the concepts introduced by SIBA and the Regulations codify existing policies and practices already undertaken by funds domiciled in the BVI in line with accepted international standards. SIBA and the Regulations will also introduce new provisions to regulate investment business, public issues of securities and market abuse. SIBA retains the best aspects of the MF Act and introduces some new and welcomed features, without materially altering the regulatory framework for BVI funds. Importantly, closed-ended funds continue to fall outside the regulatory ambit of SIBA. Existing funds, fund managers and administrators will have respective transition periods in which to fully comply with SIBA.
Please see the attached update for further information.
Joint Managing Partner Dubai
T: +971 4 360 4073
Partner Cayman Islands
T: +1 345 814 5353