Fri, Jul 31, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Key changes for managers and advisers of BVI funds took effect May 17th - Securities and Investment Business Act 2010

Wednesday, June 23, 2010

This article was written by Nadia Menezes and Marie-Claire Fudge of Ogier to highlight the principal changes applicable to investment funds and their managers or advisers that are introduced under the Securities and Investment Business Act 2010 (SIBA), and illustrate how these changes will affect investment managers currently licensed by the Financial Services Commission (FSC) under the Mutual Fund Act 1996 (MFA), as well as providers of investment management or advisory services who will need to be licensed going forward under SIBA.

Following the completion of an industry consultation, the British Virgin Islands ("BVI") has enacted the Securities and Investment Business Act 2010 ("SIBA"). SIBA came into force on 17th May 2010. The enactment of SIBA represents an extremely important step for the continued development of the financial services sector within the BVI, providing the jurisdiction with a further modern and user friendly statute, in tune with the current regulatory environment.

Whilst SIBA implements substantial changes as it relates to the regulation of securities offerings with the BVI and the regulation of entities considering "investment business", the regulatory status quo in relation to the regulation of funds is largely maintained.

SIBA repeals the Mutual Fund Act, 1996 ("MFA"), which has been the statute regulating the BVI funds industry in recent years, and provides for (in Part III of SIBA and the accompanying Mutual Fund Regulation......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge funds, seeing opportunity, invest in struggling hotels in Puerto Rico[more]

    From NYTimes.com: Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy, hit by one misfortune after another. In March, the San Juan Beach Hotel filed for bankruptcy. This week, the Condado Plaza Hilton was forced to close its casino. But nearly two thousand miles away,

  3. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  4. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  5. Opalesque Roundup: Hedge fund assets rose to 11th consecutive quarterly record level: hedge fund news, week 31[more]

    In the week ending 24 July, 2015, the total global hedge fund industry assets rose to the 11th consecutive quarterly record level in 2Q15 to $2.97tln; Eurekahedge reported that hedge funds raised $93bn in the first six months of 2015; The SS&C GlobeOp Forward Redemption Indicator for July 201

 

banner