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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

    the BVI;


  • 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.


More information can be found by visiting our website at www.ibcf.com, or by emailing us at clientsupport@ibcf.com.

Previous issues of the IBCF Newsletter can be found at: http://www.ibcf.com/news/newshome.php


About IBCF:
International Business Company Formation, Inc. assists legal professionals with company formation, both internationally and offshore, and with registered agent and corporate document retrieval services throughout the world.

International Business Company Formation is an affiliate of National Registered Agents, Inc., a fully licensed professional Registered Agent for thousands of business entities, large and small, throughout the entire United States.


International Business Company Formation, Inc. is located in the historic district of Tappan, New York, approximately thirty minutes from midtown Manhattan.


International Business Company Formation, Inc.
101 Main Street, Suite One
Tappan, New York 10983
Toll Free: 888-664-6263
Phone: 845-398-0900
Fax: 845-398-0808
www.ibcf.com

 

 


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