As some of you already know, the British Virgin Islands have recently adopted a special legal framework which provides for certain managers of Investment funds with a simplified regulatory regime.
This regime, which in any event is somehow more cumbersome that the one existing under the old Mutual Funds Act of 1996 (as its still requires the appointment of two directors, an authorized representative and to prepare and submit financial statements) is lighter if compared with the one introduced by the Securities and Investment Business Act, 2010 (“SIBA”).
Regulations, 2012 (the “Regulations”) specifically detailed in the new Regulations whether (and how) existing licensed managers would be able to transition to the Approved Manager regime we had taken the decision not to prepare a memo on this new legislation until such transition was more clear. It was for us the prudent way to act.
Due to various enquiries from existing clients and business contacts, however, and whilst we wait a formal confirmation from the Financial Services Commission, we have decided to release a short guide for your including some basic information on this Approved Manager regime (“New Regime”).
We will of course be publishing this guide in our Facebook page within the next couple of days