After much anticipation, the British Virgin Islands
("BVI") enacted the Securities and
Investment Business Act, 2010 on 12 April 2010
("SIBA"). SIBA, which came into force on
17 May 2010 (with the exception of the provisions relating to
public issues of securities), takes into full account current and
emerging international standards of regulation as they relate to
the regulation and administration of investment funds (including
hedge funds) and entities conducting investment or securities
business. It represents an extremely important step for the ongoing
development and growing sophistication of the financial services
sector within the BVI. It also provides a user friendly statute, in
tune with the current regulatory environment, which will complement
the BVI Business Companies Act, 2004 and the Insolvency Act,
2003.
