Following the enactments of the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010, the BVI Financial Services Commission (BVI FSC) has now released the Public Funds Code, 2010. The code, which will come into force on 31 March 2011 and will from that point apply to
The British Virgin Islands Financial Services Commission (BVI FSC) has formed the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee) to review the Securities and Investment Business Act, 2010 (SIBA) and related relevant legislation and recommend changes to the regulatory regime that governs securities, investment business and
Bermuda’s new Investment Funds Amendment Act 2010, which received the assent of the Governor General on 22 December and amends the Investment Funds Act 2006, has introduced several new provisions for the regulation of investment funds in the Caribbean jurisdiction. The aim of the Amendment Act is to align “the
Robert Koller, an Austrian citizen, who completed law degrees in both Austria and Spain, has been awarded a landmark decision in a dispute lasting several years in relation to the Austrian legal profession. Having first qualified as a lawyer in Spain, he applied to take the foreign lawyers’ test in
The Bermuda Government is planning to extend to 2035 the period of time for which the Ministry of Finance may grant an assurance to international businesses that are identified as exempted undertakings that they will be exempt from certain tax liabilities in Bermuda. The announcement was made as part of
Law firm Dundas & Wilson has advised the new management team in the private equity-backed buyout of Chemigraphic, one of the largest independent full service electronic manufacturing services providers in the UK. RJD Partners, a lower middle market investor, backed the deal which will see the sons of founders Frank
On 13 December 2010, the Privy Council delivered its judgment in the Strategic Turnaround appeal from the Cayman Islands Court of Appeal. Maples and Calder comments on the decision, which clarifies a number of important points in respect of suspensions and redemptions by Cayman Islands investment funds. The key point
A Preqin survey of over 100 alternative assets fund managers and investors found that just under a third support the Alternative Investment Fund Managers Directive to some extent, with firms in certain countries where the new legislation will replace more restrictive existing rules believing that it will serve to improve
Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria. The AIFM Directive was first introduced in response to calls for greater regulation
Appleby Authorised Representative, an affiliate of Appleby Corporate Services (BVI), has been certified by the BVI Financial Services Commission to act as an authorised representative under the Securities and Investment Business Act 2010. Under SIBA, a licensee (unless it has a significant presence in the British Virgin Islands) and a
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