Hedge fund managers/advisors

Regulation

Authorization requirements and process

In common with those serving other forms of collective investment fund, hedge fund managers, administrators, and advisors providing services in or from within the British Virgin Islands (BVI) are generally required to obtain a license under the Mutual Funds Act, 1996 (as amended) (the Act). There are two types of license:

• Restricted license: services provided to private or professional funds only.

• General license: services provided to private, professional, or public funds.

The requirement to obtain a license under the Act may be disapplied in the following circumstances:

• Where a manager or administrator of mutual funds is operating under the laws of a recognized country or jurisdiction, and written permission to carry on business in or from within the BVI is received from the relevant BVI government minister.