Wednesday, December 29, 2010

BVI FSC Announced Formation of SIBA Advisory Committee

The BVI FSC announced the formation of the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee). This is the statutory committee that has the responsibility to review the Securities and Investment Business Act, 2010, which was enacted in the House of Assembly in April, 2010 and came into force in May, 2010, and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the British Virgin Islands. The Chairman of the SIBA Advisory Committee is Mr. Ross Munro, Partner and Head of Investment Funds and Regulatory at Harneys law firm.

The FSC's Director, Investment Business, Brodrick Penn, commented on the formation of the SIBA Advisory Committee, saying that “The Commission is pleased to continue its partnership with the private sector through the formation of the new advisory committee, which will play a similar role to its predecessor; the Mutual Fund Advisory Committee. We are equally pleased to have a diverse range of professional expertise and personalities working together with the Commission to advise on matters relating to the development of the securities industry”.

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