New mutual funds act for British Virgin Islands
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The British Virgin Islands has enacted a new mutual funds and investment services act.
The Securities & Investment Business Act which became law yesterday codifies some of the practices already undertaken by funds domiciled in the BVI and introduces laws to regulate investment business, public issues of securities and market abuse.
SIBA updates and modernises the regulation of the BVI investment funds industry, by repealing the current mutual funds Act 1996.
Changes introduced by SIBA include a requirement of BVI funds to have at least two directors and locally domiciled funds, licensed managers and licensed administrators to appoint a BVI resident authorised representative.
The BVI Financial Services Commission has welcomed the new law. Managing Director and CEO Robert Mathavious says: “This Act emphasises the quality of the legislation in the BVI and underlines the importance of the jurisdiction as a fund domicile. The BVI has a significant presence in the mutual fund industry with around 3000 active funds* and it continues to attract new fund managers encouraged by its robust but fair legislation.”
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