Tuesday, 18th May 2010Approved Auditors for Licensees and Public Funds

SIBA

18 May 2010 - The Securities & Investment Business Act ("SIBA") was brought into force on 17 May 2010.  Every existing private, professional and public fund, fund administrator and fund manager licensed under the Mutual Funds Act is now deemed to be licensed under SIBA.  

The Regulatory Code and SIBA require certain entities licensed under BVI financial services legislation ("Licensees") to file audited financial statements with the BVI Financial Services Commission ("Commission").  However, not all auditors have been approved by the Commission.  Section 75 of SIBA requires that Licensees required by the Regulatory Code and public funds must appoint an auditor who has been approved by the Commission.  Auditors not approved by the Commission will not be able to audit Licensees or Public Funds.  The Commission has published a list of auditors that it has recognized as already having been approved by the Commission.  We are pleased to advise that Baker Tilly (BVI) Limited is recognized as an approved auditor by the Commission.  

Copies of SIBA, the Mutual Funds Regulations 2010 and the Regulatory Code can be downloaded from the publications page of our website.  For further information, please contact Andrea Douglas.