BVI Securities and Investment Business Act, 2010
On May 17, 2010, the British Virgin Islands (BVI) enacted the BVI Securities and Investment Business Act, 2010. Please note that this applies to all BVI companies including International Business Companies.
The key objectives of SIBA are to:
- Regulate persons carrying on an investment business in or from within the BVI;
- Regulate the public issue of securities in a non-mutual funds context to persons located in
- Repeal the Mutual Funds Act, 1996 and replace it with Part III of SIBA, and the Mutual
Funds Regulations 2010;
- Introduce a new framework to deal with market abuse, including the prevention of insider
dealing, market manipulation and other market abuses.
Investment business, for the purposes of SIBA, is generally defined to include - dealing in or arranging deals in or managing investments, providing investment advice, providing custodial or administration services with respect to investments or operating an investment exchange.
Any company seeking a license for one or more of the above activities (an "Applicant") must
seek approval for its directors and senior officers from the BVI Financial Services
Commission. The approval of such persons is given if they satisfy the
Commission's fit and proper criteria which will require the submission of various related
professional background and due diligence documentation concerning such persons.
SIBA introduces a requirement for all Licensees to have at all times a local presence in
the BVI. Thus, unless the licensee has a significant management presence in the BVI, it will be
required to appoint a local authorized representative, which must be a BVI regulated entity
approved for this purpose.
Those persons who have been engaged in an investment business prior to May 17, 2010
must obtain an Investment Business License within six months of May 17, 2010.
Should you require assistance in licensing under the Act, please call us. IBCF would be most pleased to assist.
information can be found by visiting
our website at www.ibcf.com,
or by emailing us at email@example.com.
issues of the IBCF Newsletter can be
found at: http://www.ibcf.com/newshome.php
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