The British Virgin Islands Financial Services Commission has signed a memorandum of understanding with the Gibraltar Financial Services Commission in relation to the supervision of Managers of Alternative Investment Funds (AIFMs), allowing the funds they regulate to do business in both jurisdictions.

The MoU, signed on 13th July, allows for the exchange of information between the BVI and Gibraltar on matters related to the supervision and oversight of AIFMs, their delegates and depositaries that operate in both jurisdictions. Only now, for some reason, are the regulators publishing press releases about it.

The MoU clearly outlines the scope of co-operation and the ways in which the regulators will exchange information. It contains rules for the execution of requests for assistance, how the information can be used, confidentiality, further sharing of information and provisions for cross-border on-site visits.