BVI Securities and Investment Business Act, 2010 Now in Effect
The British Virgin Islands ("BVI") Securities and Investment Business Act, 2010 ("SIBA") passed into law effective 17 May 2010. SIBA has replaced the Mutual Funds Act, 1996 as the principal legislation governing the regulation of mutual funds and investment business in the BVI.
Certain changes must be made to the constitutional, offering and subscription documents of existing private and professional funds by 3 August 2010 and
12 October 2010 respectively in order to comply with SIBA. Obligations on existing private and professional funds in relation to financial statements and audit have also been introduced. Failure to update documents and comply with the obligations within the specified time frames highlighted in this update, may result in the BVI Financial Services Commission taking enforcement action against a non-compliant BVI fund.