The Securities and Investment Business Act, 2010
("SIBA") came into force in May 2010. It heralded the
biggest change to the BVI investment funds legislative framework
since the Mutual Funds Act, 1996 came into force. Various
transitional arrangements meant that the full impact of SIBA was
not immediately felt. Some of those transitional arrangements still
apply but the vast majority of SIBA is now fully in force. How has
the industry reacted to the changes? This article considers the
impact of the new legislation after 12 months and provides a
reminder of some of the more important changes.
Investment Funds
The story of SIBA for investment funds has been very much
business as usual. The changes have not met any noticeable
resistance from industry users and indeed have been welcomed for
providing clarity in certain areas. That is not entirely surprising
given that many of the new provisions merely codified existing
practice by the Financial Services Commission. For
