The British Virgin Islands, in continuing to establish itself as
a premier offshore financial services jurisdiction, has created two
new fund products to complement its very popular existing funds
offering with the bold intention of remaining on the cutting edge
of the financial services market. The "incubator fund"
and the "approved fund" are two new lightly regulated
fund products which are primarily aimed at start-up emerging
managers and those managing funds for smaller groups of closely
connected investors.
The new legislation which governs these products is the Securities
and Investment Business (Incubator and Approved Funds) Regulations
2015 (the Regulations). The Regulations
are made pursuant to the Securities and Investment Business
(Amendment) Act 2015 which amends the Securities and Investment
Business Act 2010 (SIBA). The Regulations
were gazetted on 18 May 2015 and are expected to be brought into
force shortly.
