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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 ...

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