New deadline published for licensing of investment business under SIBA regulation.
The Securities and Investment Business Act, 2010 (SIBA) came into force in the British Virgin Islands (BVI) on May 17, 2010 (other than Part II dealing with the public issue of securities).
Following its introduction, the transitional period for obtaining an investment business licence and complying with many of the rules introduced by the new legislation has been extended to December 31, 2010.
SIBA requires any person carrying out "investment business" in or from within the BVI to obtain a licence from the BVI Financial Services Commission. If a person was already carrying on investment business prior to May 17, 2010, a licence to carry out investment business will not be required until the later of:
• December 30, 2010 (the "application deadline"); or
• if an application for a licence is made before the application deadline, the date the application for a licence is determined (including as a result of any appeal).
SIBA augments BVI's regulatory regime to ensure it complies with international best practice, and regulates investment business, the public issues of securities, market abuse and mutual funds.
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