On 31 December 2019, the British Virgin Islands government
enacted the Securities and Investment Business (Amendment) Act,
2019 and the Private Investment Funds Regulations, 2019 (together,
the "Law"). On the same day, the British
Virgin Islands Financial Services Commission (the
"FSC") published the Private Investment
Funds Regime Guidelines and the Fund Safekeeping Arrangements
Guidelines (the "Guidelines"). This
advisory summarises the key features of the Law and the Guidelines
and their likely impact on closed-ended funds and their managers.
While the publication of the Law and the Guidelines have answered
certain of the key questions that we identified when the
consultation draft of the Law was published, there remain areas
where further guidance is anticipated. As any of the matters
discussed in this advisory develop in the coming months, we will
publish additional advisories and guidance.
Private funds have until 1 July 2020 to complete their initial
registration (whether new funds or existing ones).
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.