The Securities and Investment Business Act 2010 (SIBA) was passed in May and brought into force in November last year.
It requires investment firms domiciled in the BVI to obtain a licence from the regulator, the Financial Services Commission (FSC), even if the company’s investment activity is conducted outside the BVI.
The BVI is commonly used as a tax domicile for international IFA firms and it is thought many will be affected by the law.
To monitor the implementation of the Act, the FSC last month created a special oversight body, the Securities, Investment Business and Mutual Funds Advisory Committee.
