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  1. Home
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  4. BVI amends Securities and Investment Business Act – New forex instruments added

BVI amends Securities and Investment Business Act – New forex instruments added

24 Sep 2024
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The BVI government introduced an important update to its Securities and Investment Business Act under the Securities and Investment Business (Amendment of Schedule 1) Order, 2024. This amendment was officially gazetted on 5 September 2024.

The key change involves the addition of a new financial instrument to Schedule 1 of the Act. The amendment now includes "Contracts to exchange one currency for another," effectively recognising foreign exchange trading within the regulatory framework – where such trading is not already caught by the regime in SIBA governing contracts for differences, options or futures.

The Order will come into effect on a date specified by the Minister through an official notice.

The Securities and Investment Business (Amendment of Schedule 1) Order, 2024 can be found here.

Authors
Aki Corsoni-Husain
Partner | Funds & Regulatory | London
Ayana Hull
Head of BVI Private Wealth and Regulatory | Private Wealth | British Virgin Islands
Mirza Manraj Harneys front portrait image on a grey background
Mirza Manraj
Counsel | Funds & Regulatory | Hong Kong
Kimberly Seagojo Harneys front portrait image on a grey background
Kimberly Seagojo
Senior Associate | Funds & Regulatory | British Virgin Islands