BVI FSC Specifies New Transition Date for Investment Businesses

The British Virgin Islands Financial Services Commission announced the extention to the transition dates under the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010. The transition provisions apply to existing private, public and professional mutual funds previously authorised under the Mutual Funds Act, as well as to investment related businesses, and specify transition dates and periods in which they must achieve compliance with SIBA.

The transitional provisions under SIBA and Mutual Funds Regulations were recently amended by the Securities and Investment Business (Amendment of Schedule 8) Order, 2010 and Mutual Funds (Amendment) Regulatons, 2010. Two transitions dates specified in SIBA were 3 August, 2010 and 12 October, 2010. The new single transition date specified in the amendments is 31 December, 2010.

SIBA and Mutual Funds Regulations replaced the Mutual Funds Act, 1996 and came into force on 17 May, 2010. These are legislative acts under which the Commission regulates mutual funds and investment related businesses functioning in the British Virgin Islands.