The Investment Business (Approved Managers) Regulations, 2012
(the Approved Managers Regulations), provides, for
eligible investment managers, a "regulatory light"
regulatory regime which complements the more regulated investment
business licensing regime available under the Securities and
Investment Business Act, 2010 (SIBA).
Key features
Under the Approved Managers Regulations, to be eligible to apply
to be an "Approved Manager", an investment manager or
investment advisor must:
(a) be a BVI company or limited partnership;
(b) be proposing to act as the investment manager or investment
advisor to either (i) a private fund, professional fund or a
closed-ended fund domiciled in the BVI, (ii) a foreign fund
investing substantially all of its assets in a BVI domiciled fund,
or (iii) a foreign fund from a recognised jurisdiction with
equivalent characteristics to a private fund or professional
fund;
