Mr Philip Graham

Philip Graham

Updates

Capital Markets

Ready for business: following the EU AIFM Directive
British Virgin Islands | 22 October 2013

Since the Phase II implementation of the EU AIFM Directive, interest in the directive has been as high as ever as investment fund managers seek to determine what effect it will have on their structures, as well as their ability to market within the European Union. This update serves as guidance on the BVI perspective and assesses the projected impact of the AIFM Directive on BVI funds.

Company & Commercial

Court of Appeal provides guidance on directors' powers
British Virgin Islands | 22 January 2018

A recent Court of Appeal ruling provided guidance on directors' powers after considering whether a fresh issuance of shares by directors which altered the balance of voting power between the shareholders was done for a proper purpose. The court held that directors should not issue shares in a manner that could affect the balance of power between groups of shareholders or create new majorities, irrespective of whether the old or new majority have a proprietary interest in the fund.

BVI Business Companies (Amendment) Act 2015: a summary
British Virgin Islands | 14 December 2015

The government recently gazetted the BVI Business Companies (Amendment) Act 2015. If passed into law as expected, it will be the 13th amendment to the BVI Business Companies Act. A number of the proposed changes will dovetail with the recently announced new premium service function at the Companies Registry to facilitate time-sensitive, complex and special transactions, such as continuations to facilitate more difficult commercial transactions.

Private Client & Offshore Services

Court of Appeal provides guidance on directors' powers
British Virgin Islands | 18 January 2018

A recent Court of Appeal ruling provided guidance on directors' powers after considering whether a fresh issuance of shares by directors which altered the balance of voting power between the shareholders was done for a proper purpose. The court held that directors should not issue shares in a manner that could affect the balance of power between groups of shareholders or create new majorities, irrespective of whether the old or new majority have a proprietary interest in the fund.

BVI Business Companies (Amendment) Act 2015: a summary
British Virgin Islands | 10 December 2015

The government recently gazetted the BVI Business Companies (Amendment) Act 2015. If passed into law as expected, it will be the 13th amendment to the BVI Business Companies Act. A number of the proposed changes will dovetail with the recently announced new premium service function at the Companies Registry to facilitate time-sensitive, complex and special transactions, such as continuations to facilitate more difficult commercial transactions.

Ready for business: following the EU AIFM Directive
British Virgin Islands | 17 October 2013

Since the Phase II implementation of the EU AIFM Directive, interest in the directive has been as high as ever as investment fund managers seek to determine what effect it will have on their structures, as well as their ability to market within the European Union. This update serves as guidance on the BVI perspective and assesses the projected impact of the AIFM Directive om BVI funds.

Memoranda of understanding signed with 25 European countries
British Virgin Islands | 15 August 2013

The BVI financial services regulators have announced memoranda of understanding with 25 European countries, which will enable the continued marketing of BVI funds throughout the majority of the European Union. The memoranda of understanding relate to the EU Alternative Investment Fund Managers Directive.

BVI launches approved manager regime for fund managers
British Virgin Islands | 02 May 2013

A new 'regulation-light' fund manager regime recently came into effect. In addition to the Investment Business (Approved Manager) Regulations, which were published in 2012, the Financial Services Commission published the Approved Investment Managers Guidelines in January 2013. The new regime offers a welcome alternative to fund managers and advisers domiciled or doing business in the British Virgin Islands.