Monday, 17th January 2011Transitional Provisions Expired

31 December 2010

Transitional provisions which delayed the impact of certain sections of SIBA expired on 31 December 2010.
The transitional period applied to any person who was carrying on "investment business" in or from within the BVI immediately prior to 17 May 2010. Such persons could continue to carry on such business without a SIBA licence until 31 December 2010. Further, if such person applied for a licence under Part I of SIBA prior to 31 December 2010 the transitional period would continue until the date that the application is finally determined. Therefore, such persons will commit an offence if they continue to carry on investment business without a licence (or applying for a licence) after 31 December 2010.

Persons previously registered under the Mutual Funds Act, 1996 to act as managers and/or administrators of mutual funds were automatically deemed to hold licences under Part I of SIBA and are authorised to continue to carry on business as fund managers and/or administrators.