ARTICLE · 14 DECEMBER 2010

The Role of the Authorised Representative

British Virgin Islands International Finance Centre

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The purpose of this article is to provide an overview of the authorised representative role that was introduced in the BVI by the Securities and Investment Business Act, 2010 ("SIBA").

British Virgin IslandsWealth Management

Gareth Thomas

Introduction

The purpose of this article is to provide an overview of the authorised representative role that was introduced in the BVI by the Securities and Investment Business Act, 2010 ("SIBA").

One of the purposes of SIBA is to extend the ambit of the regulation of the financial services industry in the BVI, in order to also regulate BVI entities conducting "investment business" (such activities being previously unregulated in the BVI). As a consequence of this, in addition to updating the regulatory regime regulating open-ended investment funds, SIBA introduces a regulatory regime regulating entities conducting "investment business". Whilst the regulatory scope of the investment business provisions under SIBA are not dissimilar to the comparable provisions in the Cayman Islands under the Securities Investment Business Law ("SIBL"), there are significantly less exemptions available under SIBA than there currently available under SIBL, such that it is

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