The BVI has enacted legislation to implement a networked database of beneficial ownership interests in companies incorporated or domiciled in the jurisdiction. The database, known as the Beneficial Ownership Secure Search (BOSS) System, is being rolled out so that the BVI can comply with its obligations under the Exchange of Notes agreement entered into with the UK in April 2016 (UK Exchange of Notes). The UK Exchange of Notes modernises the way in which the BVI competent authorities may gain access to beneficial ownership information of BVI companies.
Importantly for the investment funds industry, exemptions for regulated entities mean that BVI regulated funds and BVI investment managers will be out of scope for providing beneficial ownership information through BOSS.
Click here to download a consolidation of the legislation.
Please contact Colin Riegels, Aki Corsoni-Husain, Ayana Hull, Mirza Manraj or your normal Harneys contact if you have any questions.