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ARTICLE · 10 FEBRUARY 2020

New Regime For BVI Closed-End Funds Brings Major Changes

O'Neal Webster
O'Neal Webster
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O'Neal Webster

O'Neal Webster

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The British Virgin Islands government recently passed new legislation affecting the funds industry. In particular, the new BVI Securities and Investment Business (Amendment) Act, 2019 ...

British Virgin IslandsFinance and Banking
Kerry Anderson
Kerry Anderson
Christopher Simpson
Christopher Simpson
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The British Virgin Islands government recently passed new legislation affecting the funds industry. In particular, the new BVI Securities and Investment Business (Amendment) Act, 2019 institutes a supervisory regime for closed-ended funds, with the following major changes.

  • Most closed-ended funds will be regulated under the new legislation as "private investment funds" and need approval from the BVI Financial Services Commission (FSC) for valid operation.
  • New rules relating to the valuation of fund assets now apply to approved, incubator, and private investment funds.
  • The legislation creates an "appointed persons" regime for private investment funds.
  • Miscellaneous changes are also in force, such as the application of AML/Anti-Terrorist Financing legislation, specifically regarding private investment funds.

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