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As we reported at the time, when the Securities and Investment Business Act, 2010 (“SIBA”) was brought into force on May 17th of 2010, it represented primarily a change of legislation rather than regulation insofar as mutual funds were concerned. In that regard, SIBA generally retained the fund classification and regulatory structure of the Mutual Funds Act, 1996 (the “MFA”) that preceded it, while formalising certain administrative practices of the British Virgin Islands (BVI) Financial Services Commission (the “FSC”).
Nevertheless, SIBA did introduce some new requirements for mutual funds and brought about changes in practice of which participants in the industry need to be aware. This article reviews those requirements and changes, considers their practical implications by reference to former regulation and practice, and comments generally on the implementation of the SIBA fund regime to date.
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Mutual Funds and SIBA: One Year Later