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BVI legislation may cause an exodus of IFA firms

Legislation has been introduced in the BVI which could force many international IFA firms to move.

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The Securities and Investment Business Act 2010 (SIBA) was passed in May and brought into force in November last year.

It requires investment firms domiciled in the BVI to obtain a licence from the regulator, the Financial Services Commission (FSC), even if the company’s investment activity is conducted outside the BVI.

The BVI is commonly used as a tax domicile for international IFA firms and it is thought many will be affected by the law.

To monitor the implementation of the Act, the FSC last month created a special oversight body, the Securities, Investment Business and Mutual Funds Advisory Committee.

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