It is nearly three years since the BVI launched its Approved
Manager Regime. The introduction of the Approved Manager Regime at
the end of 2012 was the jurisdiction's first step towards
putting together a complete package focused on the smaller and
emerging manager and it has been a great success.
My Cayman colleagues will probably jump up and down when I say
this; but it is such a success that we now see Cayman funds being
set up with BVI Approved Managers, given that the Approved Manager
out-performs the Cayman equivalent, the Cayman Islands Securities
and Investment Business Law (SIBL)
Exempted Manager, both on cost (establishment and ongoing) and
because it has the stamp of being a regulated product, which the
Cayman equivalent does not. In addition, the Approved Manager
offers greater flexibility, as a Cayman Exempted Manager is limited
to only acting for funds whose investors fall within the
definitions of a "sophisticated investor" or "high
net worth person"
