Exploring the Funds Hub

As a recognised fund, your professional or private fund is regulated by the British Virgin Islands (BVI) Financial Services Commission (the FSC). This note provides a quick reference to your professional or private fund's ongoing BVI obligations. Professional and private funds are recognised under the Securities and Investment Business Act, Revised Edition 2020 and are subject to the Mutual Funds...

The Investment Business (Approved Managers) Regulations, Revised Edition 2020 (the Regulations) and Approved Investment Managers Guidelines (the Guidelines) establish a regime that allows eligible investment managers and advisers to be regulated under a simple approval process and avoid the licensing regime under Part I of the Securities and Investment Business Act, Revised Edition 2020 (SIBA). Re...

As a mutual fund, your incubator fund is regulated by the British Virgin Islands (BVI) Financial Services Commission (the FSC). This note provides a quick reference to your incubator fund's ongoing BVI obligations. Incubator funds are governed by the Securities and Investment Business (Incubator and Approved Funds) Regulations, Revised Edition 2020 (the Regulations) and the Incubator and Approved...

As a mutual fund, your approved fund is regulated by the British Virgin Islands (BVI) Financial Services Commission (the FSC). This note provides a quick reference to your approved fund's ongoing BVI obligations. Approved funds are governed by the Securities and Investment Business (Incubator and Approved Funds) Regulations, Revised Edition 2020 (the Regulations) and the Incubator and Approved Fun...

The BVI is not the top-level vehicle in an ESG fund, but it plays a valuable role at the layer beneath, as a feeder fund, co-investment vehicle, or impact SPV, where speed, simplicity, and cost matter. Institutional ESG investors do not categorically exclude BVI vehicles; eligibility is driven by the structure's conduct, governance, transparency, and reporting, not the jurisdiction alone. Used for...

Private credit has moved from the margins to the mainstream of European finance, and Luxembourg has become the domicile of choice for the managers raising and deploying it. As bank lending has retrenched and institutional investors have pursued the credit risk premium, European private credit assets under management have grown rapidly, and a growing share of new direct lending, mezzanine and credi...

AIFMD II (Directive (EU) 2024/927) is in force, with national transposition due by 16 April 2026, and the UCITS review is following closely behind. For global managers using Luxembourg as their EU gateway, the practical impact is concentrated in four areas: tighter delegation and substance expectations, a new regime for loan-originating funds, mandatory liquidity management tools for open-ended fu...

The British Virgin Islands is one of the world's leading jurisdictions for the formation of investment funds. With a well-established regulatory framework, tax-neutral environment and efficient approval processes, the BVI offers a compelling platform for fund managers — particularly those launching their first fund or structuring vehicles below US$100 million. This guide explains the key open-ende...

This guide provides an overview of the powers, duties and obligations of a director of an exempted company incorporated under the Companies Act of the Cayman Islands (Companies Act) which is registered with the Cayman Islands Monetary Authority (CIMA) as a fund (Fund). This guide is limited to those Funds registered with CIMA under section 4(3) or 4(4)(a) of the Mutual Funds Act (a Mutual Fund) an...

The Cayman Islands Data Protection Act (the DP Act) governs how a data controller may process, use and retain personal data. Anyone who falls within the definition of a "data controller" (such as a Cayman Islands investment fund) must now comply with eight data protection principles in relation to any personal data processed by the data controller. Where a data controller engages a third party (su...

This guide looks at the roles and responsibilities of the nominated officers of financial service providers whose job it is to look out for and report suspicious activity and who oversee the compliance function and ensure that adequate systems and controls are in place to comply with the Anti-Money Laundering Regulations. Money laundering is the process by which the proceeds of crime are channelle...

The Cayman Islands is the leading jurisdiction for the offshore investment funds industry due to its combination of flexible and appropriate regulation, an approachable and effective regulator, professional service provider expertise, high reputation among investors and a tax neutral regime. Investment funds established in the Cayman Islands fall into two broad categories: open-ended funds and clo...

Click here to subscribe to the Funds Download podcast. Choose your preferred platform from the list presented and click subscribe or follow once logged in. Visit the Funds Download podcast page to catch up on all the Funds Download episodes. If you're considering establishing a fund in the Cayman Islands, Luxembourg, or the British Virgin Islands, visit our Funds Hub for guidance.

Click here to subscribe to the Funds Download podcast. Choose your preferred platform from the list presented and click subscribe or follow once logged in. Visit the Funds Download podcast page to catch up on all the Funds Download episodes. If you're considering establishing a fund in the Cayman Islands, Luxembourg, or the British Virgin Islands, visit our Funds Hub for guidance.

The Sustainable Finance Disclosure Regulation (SFDR) is one of the most consequential pieces of EU financial regulation to emerge in recent years. It establishes a classification framework for financial products based on their sustainability characteristics, dividing them broadly into three categories under Articles 6, 8 and 9. While much of the market's attention has focused on the higher-tier cl...

The Alternative Investment Fund Managers Directive (AIFMD) is the cornerstone of EU regulation for managers of non-UCITS investment funds. It determines which fund managers require authorisation, sets asset thresholds that trigger full regulatory obligations, and establishes the framework for marketing alternative investment funds to EU investors. It also created a passport allowing AIFMs to marke...

The Cayman Islands is the world's leading domicile for hedge funds and alternative investment vehicles. Its combination of regulatory pragmatism, tax neutrality, legal certainty and deep service-provider infrastructure makes it the jurisdiction of choice for managers launching funds that accept institutional and sophisticated investor capital. This guide explains the principal fund structures avai...

These extremely popular and flexible funds are governed by the Securities and Investment Business (Incubator and Approved Funds) Regulations, Revised Edition 2020, as amended (the Regulations) and the Incubator and Approved Funds Guidelines. The British Virgin Islands (BVI) has often been described as the "home" of the emerging manager and these two fund products further reinforce that message. Th...

A PIF is required to maintain a valuation policy setting out the applicable procedures for the valuation of fund property, the preparation of reports on the valuation and setting out the mechanisms for sharing valuation information with investors (Valuation Policy). A PIF must ensure that the person appointed as its valuation "appointed person" values fund property in accordance with the valuation...

This guide provides an overview of the British Virgin Islands' Approved Manager regime. The regime came into effect on 10 December 2012 with the Investment Business (Approved Managers) Regulations, Revised Edition 2020 (the Regulations) and the Approved Investment Managers Guidelines (the Guidelines). It introduces a less onerous regulatory regime for BVI domiciled investment managers and investme...

The Virgin Islands Data Protection Act 2021 (the Act) is now in force. The Act imposes a number of obligations upon investment funds in relation to the processing of personal data that they will inevitably collect as part of the investor onboarding procedure. In order to ensure compliance with the Act, investment funds should: Provide investors with a privacy notice Update their offering and subsc...

In this episode, our Partner Stéphane Karolczuk and Managing Director Danny Howell from FundSight explore the third-party AIFM model, its role in supporting non-EU asset managers, and the key challenges it solves. They discuss the AIFM's core responsibilities in portfolio and risk management, the delegation versus advisory models, and fund sponsor preferences in Asia. The conversation also highlig...

As of 1 January 2026, Luxembourg has introduced a modernised and permanent tax regime for carried interest, positioning itself as one of the most competitive jurisdictions in Europe for alternative investment fund professionals. This briefing summarises the key features of the new regime and what it means for fund managers, directors, advisors and other industry participants. The previous carried...

Depuis le 1er janvier 2026, le Grand-Duché de Luxembourg a dispose d'un nouveau régime fiscal applicable aux carried interest, confortant ainsi sa position de place financière de premier plan au sein de l'Union Européenne pour les acteurs institutionnels du secteur des fonds d'investissement alternatifs. La présente note a vocation à présenter de manière synthétique les caractéristiques substantie...

As of 1 January 2026, Luxembourg has introduced a modernised and permanent tax regime for carried interest, positioning itself as one of the most competitive jurisdictions in Europe for alternative investment fund professionals. This briefing summarises the key features of the new regime and what it means for fund managers, directors, advisors and other industry participants. The previous carried...