Securities and Investment Business (Recognised Jurisdictions) Notice (2020 Revision)

Summary

This is a BVI Financial Services Commission statutory instrument made under section 40(4) of the Securities and Investment Business Act. It designates a list of jurisdictions whose regulatory systems are recognised for purposes of accepting fund functionaries (such as administrators, managers, custodians or auditors) located there, and sets out how functionaries from non-listed jurisdictions may still be recognised.

• Recognised jurisdictions: The Schedule lists over 35 jurisdictions (including Cayman Islands, United Kingdom, United States, Hong Kong, Singapore, Ireland, Luxembourg, Bermuda, Guernsey, Jersey, Isle of Man, and others) whose regulatory systems the Commission recognises for fund functionaries.
• Automatic recognition: A fund functionary established and located in a listed jurisdiction may be recognised and accepted by the Commission, subject to the Securities and Investment Business Act.
• Case by case recognition: A functionary not established and located in a listed jurisdiction may still be recognised and accepted if, upon application, the Commission is satisfied that its jurisdiction of establishment and location has a system for the effective regulation of investment business, including funds.

The Notice itself does not impose ongoing filing or reporting duties; it operates as a recognition framework that funds and their service providers rely on when demonstrating that a functionary's home jurisdiction regulatory system meets BVI standards.

Key obligations

• Functionaries of funds not located in a jurisdiction listed in the Schedule must apply to the Commission and satisfy it that their jurisdiction of establishment has a system for effective regulation of investment business, including funds, in order to be recognised and accepted.

Applies to

mutual funds, fund functionaries (administrators, managers, custodians, auditors, and similar service providers to funds)