Securities and Investment Business Act, 2010 – One Year Later
The BVI Securities and Investment Business Act, 2010 ("SIBA") came into force on 17 May, 2010 with a transition period through 30 December 2010 for existing private and professional funds. As a result of the resolve of most existing private and professional funds to arrive at the 30 December 2010 finish line in compliant form, that period will be remembered by BVI fund practitioners as an extraordinarily busy time in BVI funds history - perhaps unprecedented.
Against the backdrop, the question must therefore be asked: Are you compliant?
An article by Kieran Walsh and Ayana Brathwaite of Maples BVI analyses the implications for private and professional funds as it relates to ongoing compliance with SIBA.