Overview

The Securities and Investment Business Act, 2010 (SIBA) came into force in May 2010. It heralded the biggest change to the British Virgin Islands investment funds legislative framework since the Mutual Funds Act, 1996 came into force. Various transitional arrangements meant that the full impact of SIBA was not immediately felt. Some of those transitional arrangements still apply but the vast majority of SIBA is now fully in force. How has the industry reacted to the changes? This briefing considers the impact of the new legislation after 12 months and provides a reminder of some of the more important changes.