The British Virgin Islands (BVI) is significantly changing the regime applicable to investment business and hedge funds by the enactment of the Securities and Investment Business Act (SIBA) and the accompanying Mutual Fund Regulations (MFR).  This will affect existing private and professional funds currently recognized under the Mutual Funds Act, 1996 (MFA), which includes most hedge funds organized in the BVI.  As a result of the implementation of SIBA, the MFA will cease to apply to hedge funds in the BVI.  In a guest article, Nadia Menezes, a Senior Associate at Ogier, discusses the implications for hedge funds of the changes to the BVI’s fund regulatory regime, including consequences relating to directors, authorized representatives, minimum investments, functionaries, submission of financial statements and written notice of changes.