Securities and Investment Business (Amendment of Schedule 1) Order, 2024

Summary

This Order amends Schedule 1 of the BVI Securities and Investment Business Act, Revised Edition 2020, to add a new category of investment. It was made by the Cabinet on 5 September 2024 on the advice of the Financial Services Commission and does not take effect immediately.

• Amendment: Inserts a new paragraph 7A into Schedule 1, titled Instruments for foreign exchange, covering contracts to exchange one currency for another.
• Effect: Foreign exchange contracts of this kind become classified as investments under the Securities and Investment Business Act, potentially bringing persons dealing in or advising on such contracts within the scope of licensable investment business.
• Commencement: The Order only comes into force on a date to be appointed by the Minister by Notice published in the Gazette, so it is not automatically effective from the date it was made.

Firms carrying on securities and investment business in the BVI, and any businesses dealing in foreign exchange contracts, should monitor for the Gazette Notice fixing the commencement date, as it may trigger new licensing or regulatory obligations under the Act.

Applies to

persons and firms carrying on securities and investment business under the Securities and Investment Business Act, persons dealing in or advising on foreign exchange contracts that may now qualify as investments

Deadlines

• on such date as the Minister may, by Notice published in the Gazette, appoint: Commencement of the Order amending Schedule 1 to include foreign exchange contracts as investments