BVI Readies 'Regulation Light' Regime For Fund Managers

A new "regulation light" fund manager regime for the BVI is one step closer to launch with the publication on 1 November of the final form of the Investment Business (Approved Manager) Regulations, 2012 ("Regulations").

"The Approved Manager regime seeks to strike the right balance of flexibility and effective regulation taking into account the relative risk profile of the business carried on. I believe that the regime achieves this and will prove to be an attractive option for fund managers seeking to commence business quickly and in a cost effective manner," said Ross Munro, global head of investment funds at Harneys. Munro is also chairman of the Securities, Investment Business and Mutual Funds Advisory Committee (SIBAC) which has worked closely with the Financial Services Commission in the development of the new regime.