Approved Manager Regime In The British Virgin Islands

Introduction

The BVI Financial Services Commission (the "FSC") Approved Investment Manager Guidelines (the "Guidelines") came into effect on 10 December 2012.

The Guidelines set out the FSC's guidance on the BVI approved manager regime (the "Approved Manager Regime") introduced by the BVI Investment Business (Approved Managers) Regulations 2012 (the "Regulations"), aimed at non-institutional investment managers of BVI funds, providing an alternative streamlined regulatory framework for BVI investment managers currently required to be licensed under Part I of the BVI Securities and Investment Business Act, 2010 ("SIBA").

The on-going obligations of the Approved Manager Regime are less onerous than those under the alternative SIBA framework. The approval process is streamlined, with the FSC able to raise objection to the application only during the seven day period following the filing of the application, after which period the manager can commence business