Introduction of a private investment funds regime in the BVI
11 February 2020
The British Virgin Islands Securities and Investment Business Act, 2010 was amended on 31 December 2019 to further comply with the EU Code of Conduct economic substance requirements for collective investment funds by introducing a new supervisory regime for private investment funds (PIFs). The amendments provide for a PIF regime which will require closed-ended BVI fund vehicles to apply for "recognition" by the Financial Services Commission prior to promoting or operating the fund. The Private Investment Funds Regulations 2019, which came into force at the same time, set out the application procedures for such recognition.