Conyers Dill & Pearman

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BVI approved manager regime extended to qualifying funds in recognised jurisdictions

The British Virgin Islands’ (BVI’s) approved manager regime for investment managers and advisers — introduced in December 2012 by the Investment Business (Approved Manager) Regulations 2012 — has had a successful first year, becoming increasingly popular for its straightforward and low-cost application process and ‘lighter-touch’ regulatory requirements.

The BVI has now introduced amendments with effect from 2 January 2014, pursuant to the Investment Business (Approved Managers) (Amendment) Regulations, 2013.

The amendments will allow investment managers or advisers approved by the BVI Financial Services Commission as an approved investment manager to take advantage of this lighter-touch regime to manage qualifying funds in a wide range of other recognised jurisdictions, including the Cayman Islands, Switzerland, Ireland, Luxembourg and the UK…

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