The Securities and Investment Business Act ("SIBA"),
together with the Investment Business (Approved Managers)
Regulations, 2012 (the "Regulations"), the Regulatory
Code, 2009 (the "Code") and, in the case of mutual funds,
the Mutual Funds Regulations, 2010 and the Public Funds Code, 2010,
form the key regulatory regime in the British Virgin Islands (the
"BVI") which applies to mutual funds and persons and
entities carrying out regulated investment business in the BVI or
who are incorporated or formed under the laws of the BVI.
Authorised Representatives for British Virgin Islands Regulated
Pursuant to the above regime, the following persons or entities
must appoint and at all times have an authorised representative who
shall be a person or entity resident in the BVI and certified by
the BVI Financial Services Commission (the "FSC"):
any private, professional or public fund carrying on business
or holding itself out as carrying on business in or from within the
any person or entity which is licenced under SIBA; and
any person or entity approved as an approved manager under the
Regulations, (each a "Regulated Entity")
Failure to comply with this requirement carries a fine of
US$15,000 where the Regulated Entity is a company and US$10,000
where the Regulated Entity is an individual, on summary
Regulated Entities are however exempt from the requirement to
appoint and at all times have an authorised representative if they
have a significant management presence in the BVI determined in
accordance with the Code.
Carey Olsen provides authorised representative services for a
range of Regulated Entities.
Main Functions of Authorised Representatives
The functions of the authorised representative as prescribed by
SIBA are to:
act as the main intermediary between the Regulated Entity that
it represents and the FSC;
accept service of notices and other documents on behalf of the
Regulated Entity; and
keep at the BVI office of the authorised representative such
records, or copies of such records, as may be prescribed from time
All documents to be submitted to the FSC by the Regulated Entity
must be submitted by its authorised representative and all fees to
be paid by a Regulated Entity must be paid by its authorised
representative on behalf of the Regulated Entity.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The States of Guernsey, Carey Olsen, Northern Trust and Sure will be hosting Guernsey's first Blockchain Technology Conference to explore how Blockchain technology could change the world as well as what this means for the future of local businesses in Guernsey.
Expert FinTech speakers from different business sectors will be presenting the opportunities and risks for local businesses as well as exploring where the technology is already having an impact in global financial services.
Carey Olsen counsel, Richard Field, will be taking part in the panel session to discuss the opportunities of Blockchain for Guernsey.
In its 18th year this leading conference brings together top legal, business and fund professionals from around the globe to analyse the current market and future of private investment funds, and the prospects of changes and updates to regulatory and tax regimes, among other timely topics.
The Guernsey branch of Soroptimist International have announced that Edwina Currie, former politician, will be the after dinner speaker at their annual dinner, which is sponsored by Carey Olsen.
Edwina Currie was Conservative MP for South Derbyshire and Health Minister in the Margaret Thatcher government. She has since become a respected author, speaker and broadcaster and a contestant in celebrity realty TV shows including Strictly Come Dancing, I'm a Celebrity Get me Out of Here and Celebrity
Soroptimist President, Karen Jagger, said "It is great news that Edwina Currie will be joining us. She is an excellent speaker and we are promised an entertaining and informative evening with her participation. Although our organisation is primarily focussed on female initiatives, this event is open to both men and women and we are hoping the Guernsey community will come out in force to support it."
She added "We are delighted that the Lieutenant Governor and our Patron, Lady Corder, as well as the Chief Minister, Gavin St Pier and Mrs Jane St Pier who is Chair of the Youth Commission have confirmed they will be attending."
The black tie event takes place on 8th March 2017 at St Pierre Park Hotel. Individual tickets and tables of 10 are available to book on www.sigbi.org/guernsey - or by contacting Shirley Marsh on 01481 72144.
When working with family businesses, it's sometimes surprising to see the gap between the founder and the next generation, particularly when the next generation do not see the importance of the business.
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