Anguilla, or "British Anguilla" is an attractive jurisdiction to North America's private equity market; but what other corporate options does it offer, and how is it different from the BVI?

The Netting Act, 2006 came into force on October 19, 2006 and now provides certainty for those seeking to net against Anguillan counterparties. The interaction of company and bankruptcy law had previously meant that the basis for netting in Anguilla was uncertain and this was proving increasingly problematic for, amongst others prime brokers dealing with Anguillan hedge funds.

Although not normally regarded as being in the first tier of traditional offshore jurisdictions, 2015 is shaping up to be an exciting year for financial services in Anguilla (or "British Anguilla", as it sometimes likes to brand itself).

There was considerable legislative activity in Anguilla during the year 2005. Three significant pieces of legislation have been submitted to the House of Assembly as follows and it is anticipated that they will soon be enacted.

The new Mutual Funds Act 2004 came into effect on 1<SUP>st</SUP> October 2004. It covers the registration of public funds, recognition of private and professional funds and licensing of administrators and managers. Under the Act, a mutual fund refers to a company incorporated, a partnership formed, a unit trust organized or other similar body formed under the laws of Anguilla or any other jurisdiction that collects and pools investor monies for the purpose of investing collectively.

Remarks By His Excellency The Governor, Mr Peter Johnstone Cmg made at The Launch Of The Financial Services Commission, 2 February 2004, The Valley, Anguilla

Anguilla’s position in the global offshore financial services industry has never looked more promising. The main factors which set Anguilla apart are: its stable constitutional position as a British Overseas Territory; its well regulated and competent financial services industry; its status as a true zero-tax jurisdiction; and its market leading, state-of-the-art, Anguilla Commercial Online Registration Network (ACORN), which revolutionises the company formation process.

Anguilla is a British Overseas Territory, having a constitutional relationship with Britain similar to the Cayman Islands, the British Virgin Islands and Bermuda. It lies in the Eastern Caribbean, very near the French/Dutch island of St. Martin/St. Maarten (7 miles), and to the East of Puerto Rico (200 miles) and the British Virgin Islands (94 miles) with St. Kitts and Nevis and Antigua to the South EastThe FA provides for the establishment, operation and regulation of civil law type foundations

Speech made by Mr. John Lawrence, the newly appointed Director of the Financial Services Commission at the Launch of the Financial Services Commission, 2 February 2004, The Valley, Anguilla