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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

BVI moves to provide a recognition regime for closed-ended funds

In line with initiatives in other international financial centres, as well as in the European Union under the Alternative Investment Fund Managers Directive, the BVI moved at the end of 2019 to introduce a recognition regime for closed-ended funds, known locally as “Private Investment Funds” (PIFs).

Unlike the approach taken elsewhere however, PIFs in the BVI are subject to a light-touch regulatory regime essentially comprising of a registration process which results in a PIF being “recognised” by the BVI Financial Services Commission (BVI FSC).

The new regime came into force on 31 December 2019 and a 6-month transitional period applies to currently active/legacy PIFs.  The transitional period is extendable in certain circumstances.

New laws

As would be expected, the changes have necessitated a number of amendments to sections of the BVI’s investment funds regime, in particular under the Securities and Investment Business Act 2010.  A copy of our detailed and informative client update on the amendments can be found here.

New PIF Guidelines

As a further development to our update, the BVI FSC issued the Private Investment Funds Regime Guidelines on 31 December 2019 (the PIF Guidelines). A copy of which can be found here.  

The PIF Guidelines were issued in accordance with the Financial Services Commission Act 2001 and provide an overview of the PIF regime describing the requirements for recognition as a PIF as well as the ongoing obligations to which entities recognised as PIFs must adhere. The PIF Guidelines sets out the application form to be used in the recognition along with the applicable fees.

The introduction of PIFs in the BVI reinforces the jurisdiction’s reputation of being at the forefront of global regulatory initiatives and benchmarking.