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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......................

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