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The recent enactment of SIBA and the corresponding Mutual Funds Regulations 2010 and other subsidiary legislation, mark a significant step forward for investment business in the British Virgin Islands.

The official announcement by the Governor of SIBA coming into force was published in the April 29 2010 edition of the Virgin Islands Official Gazette. The Mutual Funds Regulations, 2010 and the Financial Services Commission (Securities and Investment Business Fees) Regulations, 2010 were also published in the same Gazette and take effect on the same day as SIBA.

The Commission recognises that the effective date for SIBA and the related Regulations is relatively close to legislative enactment and this may prompt compliance questions from the industry.

Transitional provisions that will assist the industry with understanding and complying with the new legislation are provided in Schedule 8 of SIBA and the Schedule of the Mutual Funds Regulations. The Comission urges all to become familiar with the provisions of the new legislation to aid a smooth transition process.

The Commission has committed additional resources to effectively administer the new legislation and field questions regarding the effects on existing investment business.

Full versions of SIBA, Mutual Funds Regulations and Financial Services (Securities and Business Fees) Regulations can be found at www.bvifsc.vg. If questions should arise regarding any of these enactments, please contact the Investment Business Division of the Commission using SIBA@bvisfc.vg.