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LATEST COMPANY NEWS

Date:
May 18th 2010
Title:

BVI introduces SIBA

Contributor:
Derek Adler

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 offences of insider trading, circulating misleading information and market manipulation.

SIBA and related secondary legislation is intended to update investment business regulation and, in particular, bring the BVI into line with international best practice and to fulfil obligations arising as a result of the BVI's membership of the International Organization of Securities Commissions (IOSCO).

While overall SIBA represents a significant development, the changes will have less impact to ifina customers as many of these initiatives have been implemented for some time now within our workflows and practices.

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