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Alternative Market Briefing

BVI brings in 'regulation light’ for fund managers

Monday, November 05, 2012

Beverly Chandler, Opalesque London: Reporting on new regulations arriving in the British Virgin Islands (BVI), law firm Harneys says that the BVI is bringing in a new "regulation light" fund manager regime with the publication on 1 November of the final form of the Investment Business (Approved Manager) Regulations, 2012 ("Regulations").

"The Approved Manager regime seeks to strike the right balance of flexibility and effective regulation taking into account the relative risk profile of the business carried on. I believe that the regime achieves this and will prove to be an attractive option for fund managers seeking to commence business quickly and in a cost effective manner," said Ross Munro, global head of investment funds at Harneys. Munro is also chairman of the Securities, Investment Business and Mutual Funds Advisory Committee (SIBAC) which has worked closely with the Financial Services Commission in the development of the new regime.

Harneys writes that before the Regulations can come into force some simple amendments are to be made to the Securities and Investment Business Act ("SIBA") and the Approved Manager Guidelines and a template Application Form must be published by the Financial Services Commission. The firm reports that all this i......................

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