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ARTICLE · 09 SEPTEMBER 2010

BVI Securities and Investment Business Act, 2010

O'Neal Webster
O'Neal Webster
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O'Neal Webster

O'Neal Webster

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The recently enacted Securities and Investment Business Act, 2010 ("SIBA") of the British Virgin Islands ("BVI") will come into effect on 17 May 2010.

British Virgin IslandsWealth Management
Kerry Anderson
Kerry Anderson
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The recently enacted Securities and Investment Business Act, 2010 ("SIBA") of the British Virgin Islands ("BVI") will come into effect on 17 May 2010.

The primary objectives of SIBA are to:

  • regulate persons carrying on "investment business" in or from within the BVI;
  • regulate the public issuance of securities in a non-mutual funds context to persons located in the BVI;
  • repeal the Mutual Funds Act, 1996 and replace it with Part III of SIBA and the Mutual Funds Regulations which also take effect on 17 May 2010; and
  • introduce a new market abuse regime covering insider dealing and market manipulation. It should be noted that SIBA and the Mutual Funds Regulations will not make any substantial changes to the current mutual funds regime in the BVI.

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