The Approved Manager

The British Virgin Islands (the "BVI") is one of the leading offshore funds jurisdictions, attracting investment managers and investors worldwide. The management of investment funds and client accounts in, or from within the BVI (whether by way of providing discretionary, or non-discretionary investment advice), requires prior regulatory approval from the BVI Financial Services Commission (the "Commission").

Regulatory approval by the Commission may be obtained under either: (1) the Securities and Investment Business Act, 2010 ("SIBA"); or (2) the Investment Business (Approved Managers) Regulations, 2012 (the "Approved Manager Regulations").

The Approved Manager Regulations were implemented in 2012 with a view to offering investment fund managers a significantly simplified approval process in obtaining a licence for the management of BVI funds, as opposed to applications made under SIBA. The Approved Manager Regulations have since been amended to also allow for