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BVI Securities and Investment Business Bill 2010 receives its first reading
The long-awaited Securities and Investment Business Bill, 2010 (commonly referred to as “SIBA”) received its first reading by the BVI House of Assembly on 18 March 2010. This follows public consultation in Summer 2009.
It is expected that the Bill will receive its second and third readings in the next two weeks and will come into force shortly afterwards. Certain transitional provisions are provided for which have the effect of postponing some of the obligations and requirements under SIBA for periods of up to 6 months.