Amidst all the attention given to the BVI Securities and Investment Act, 2010 (“SIBA”), section 41(2) of SIBA has received surprisingly scant attention given its potential importance to the functionaries of BVI hedge funds.
In particular, section 41(2) of SIBA makes it an offence for any person to act as a functionary of a BVI hedge fund unless the fund has been properly recognised by or registered with the BVI Financial Services Commission (the “FSC”). In other words, this new offence creates an obligation on fund functionaries to ensure that their BVI hedge fund clients have the necessary regulatory authorisations they require under BVI law.
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