Formation of SIBA Advisory Committee

Tortola – British Virgin Islands – 17 December, 2010 – The British Virgin Islands Financial Services Commission (the "FSC") today announced the formation of the Securities, Investment Business and Mutual Fund Advisory Committee ("SIBA Advisory Committee"). The SIBA Advisory Committee is a statutory committee that is tasked with among other functions, the responsibility to review the Securities and Investment Business Act, 2010 ("SIBA") and related relevant legislation and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the Territory.

Mr. Ross Munro, Partner and Head of Investment Funds and Regulatory at the law firm Harneys has been appointed Chairman of the SIBA Advisory Committee.

The members of the Committee are supported in their deliberations with resource persons from the FSC including the Director, Investment Business and the Deputy Directors, Investment Business and Policy, Research and Statistics Divisions.

On the formation of the SIBA Advisory Committee, the FSC's Director, Investment Business, Brodrick Penn, remarked, "The Commission is pleased to continue its partnership with the private sector through the formation of the new advisory committee, which will play a similar role to its predecessor; the Mutual Fund Advisory Committee. We are equally pleased to have a diverse range of professional expertise and personalities working together with the Commission to advise on matters relating to the development of the securities industry".

SIBA was enacted in the House of Assembly in April, 2010 and came into force on 17 May, 2010.

For further information, please contact:
Corporate Communications
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494- 4190
Fax: (284) 494-5016
Email: corpcomm@bvifsc.vg