A Full House at BVI House!

Last Thursday ifina held an evening networking event hosted at BVI House in Mayfair, London. The event brought together over a hundred people including Government, Regulators, Associations, Accountants, Brokers, Banks and Investment Managers alongside senior representatives from AIMA, SFA and the International Finance Centre BVI. The quality and quantity of attendees as well as the networking and energy in the room was a reflection of the positive and significant step initiated by ifina, towards collaborative working between Government and the financial industry.

After a brief introduction by Director of ifina, Derek Adler, he introduced three well respected industry speakers to ...

BVI introduces SIBA

The long awaited BVI Securities and Investment Business Act, 2010 ("SIBA") has been introduced yesterday. Although passed by the BVI House of Assembly during the week commencing 12 April, SIBA was up until yesterday not yet in force. In summary, SIBA provides for:

• Repeal of the Mutual Funds Act, 1996 and replacement with Part III of SIBAalong with secondary legislation.

• A new investment business licensing regime to regulate investment advisors, broker-dealers, market makers, custodians and operators of investment exchanges.

• Restrictions on, and regulation of, public securities in a non-mutual funds context.

• Introduction of a market abuse regime which provides for ...

BVI Hedge Fund Services

Hedgeweek Special Report

Like other offshore centres for the domicile and servicing of alternative funds, the British Virgin Islands have suffered amid the industry downturn that accompanied the market turbulence of the past couple of years. However, the islands’ international law firms report that the restructuring of existing funds caught with illiquid assets is now complete and service providers are experiencing a surge of demand as existing and new managers prepare to launch funds.

Meanwhile, the BVI’s long-awaited Securities and Investment Business Act, which will bring regulatory rules into line with existing best practice, is scheduled to be enacted ...