Update BRP Country Manual Asset Management
British Virgin Islands
BRP has published its latest update concerning
the Country Manual Asset Management
for British Virgin Islands
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
The changes/modifications are as follows:
Conducting roadshows in the BVI (without the use of a locally licensed entity) is no longer permitted as it exceeds the permitted level of occasional onshore activity in the BVI and could be considered as “carrying on investment business”. Therefore, the CM AM BT answer for the relevant onshore scenario is now “NO”.
It is highlighted that brand advertising as well as general marketing activities of foreign (non-licensed) investment firms (without mentioning specific information about strategies, financial products and/or investment services) are now generally permitted in/into the BVI (at target/remote), as they do not constitute “carrying on investment business” in the BVI. The CM AM BT now provides the answer “YES” in the relevant scenarios.
In this regard, please note that in contrast to the mere marketing of investment services and/or financial products, the actual provision of the same onshore in the BVI (at target) is likely to constitute “carrying on investment business” in the BVI (for which a licence and product registration is required) and is therefore not permitted without the appropriate licence.
The provision of macroeconomic analysis and financial research (without mentioning specific information about strategies, financial products and/or investment services) is generally permitted in/into the BVI (at target/remote) without triggering licensing and/or product registration requirements. However, it is recommended that macroeconomic analysis and financial research documents/reports are provided only to professional clients to avoid “carrying on investment business” in the BVI, subject to licensing and product registration requirements. The CM AM BT therefore now provides the answer “Grey zone/NO – Not recommended (unless towards Professional Clients” for the relevant scenarios.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, February 10th, 2025