The BVI Financial Services Commission ("FSC") recently announced and introduced amendments to the Securities and Investment Business Act (the “SIBA Amendment Act”), bringing private investment funds (traditionally known as closed-ended funds) under regulatory supervision. The amendments came into force on 31st December 2019.

Since the Approved Manager Regulations were implemented in the BVI in 2012, smaller managers seeking a more simplified approval process and lighter touch regulatory framework compared to the Securities and Investment Business Act (‘SIBA’) have really benefited.

During 2019 the Cayman Islands has made a tremendous push to become internationally compliant with numerous laws in Cayman being amended and/or enacted to give effect to such changes. We have highlighted some of the important changes taking place in the Cayman Islands.

BVI Finance recently provided an update in relation to the current positon in relation to the Economic Substance Legislation. The key points to come out of the update, in summary, are as follows

On July 19th, 2018 the Cayman Islands Monetary Authority (CIMA) released a list of FAQs focusing on the requirement for all relevant financial businesses (RFB) in the Cayman Islands to appoint an Anti-Money Laundering Compliance Officer, Money Laundering Reporting Officer, and Deputy Money Laundering Reporting Officer