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Securities and Investment Business Act, 2010 - Key Considerations for Existing BVI Funds

July 2010 - Finance. Legal Developments by Ogier .

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With the enactment of the Securities and Investment Business Act, 2010 (“SIBA”) in the BVI, which comes into force on 17 May 2010, the Mutual Funds Act, 1996, the statute which has regulated the BVI funds industry for more than a decade will be repealed and replaced by SIBA (of which Part III relates to funds) and its underlying secondary legislation, the Mutual Funds Regulations, 2010 (the “Mutual Funds Regulations”) and the Public Funds Code.

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