Update on the BVI Securities and Investment Business (Amendment) Act - March 2020
The Securities and Investment Business (Amendment) Act 2019 (SIBA) introduced a new regulatory regime for closed-ended funds in the BVI. This new regime came into force on 31 December 2019 and created a new category of fund in the BVI, whereby a closed-ended fund is required to file with the BVI Financial Services Commission (FSC) in order to be recognised, provided it meets certain prescribed criteria. Transitional provisions require closed-ended funds in existence prior to the introduction of the legislation to file with the FSC by 1 July 2020. New funds are subject to the regime immediately.