manager or its conduct of relevant business. The fees for registration as an approved investment manager are currently $1,500 per annum plus a one- off application fee of $1,000.
Conclusion Given the lighter regulatory touch, the simplicity of the application process and the introduction of the 2013 Regulations, the Approved Managers Regime is an attractive proposition for start-up and existing mid- sized managers who provide investment management services to funds incorporated or formed in the BVI or other recognised jurisdictions. THFJ
ABOUT THE AUTHORS
TIM CLIPSTONE Tim Clipstone is a partner in the British Virgin Islands offi ce of Maples and Calder. He advises on all aspects of British Virgin Islands and Cayman Islands securities, corporate and partnership law. He has particular expertise in advising managers and institutional investors on all aspects of investment funds.
GUY WILLIAMSON Guy Williamson is an associate in the British Virgin Islands offi ce of Maples and Calder. He advises on the structuring, formation and fi nancing of regulated and unregulated vehicles, hedge funds and private equity funds. He also has a broad range of corporate fi nance transactional experience.
NOTES
1. Meaning a person who has been admitted to practise as a legal practitioner under Part IV of the Eastern Caribbean Supreme Court Act.
2. A closed-ended fund that is restricted by its constitution to issue interests only to professional investors (as defi ned in SIBA) and has a minimum investment threshold of $100,000 will have the character of a professional fund; a closed-ended fund that is restricted by its constitution either (i) to issuing interests to not more than 50 investors or (ii) to offering interests on a private basis only will have the character of a private fund.
3. “Relevant business” refers to acting as an investment advisor or investment manager to a private or professional fund or a closed-ended fund having the characteristics of a private or professional fund, or an affi liate of such structures or a non-BVI feeder into a private, professional or qualifying closed-ended fund.
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