Historically, fund managers wishing to do business in the British Virgin Islands (BVI) have had to undergo a rigorous process of applying for a full licence (Existing Regime) pursuant to Part 1 of the Securities and Investment Business Act 2010 (SIBA).  However, the BVI recently adopted a “regulation light” fund manager regime (Lighter Touch Regime) for eligible investment managers or investment advisers who have or wish to have a BVI licence to carry out investment management or investment advisory services for funds, without being subjected to certain regulatory requirements under the Existing Regime that may be disproportionate to the scope of their operations.  Among other things, the Lighter Touch Regime, which came into effect on December 10, 2012, expedited and facilitated the manager approval process.  The Lighter Touch Regime can be attractive for managers who have investors who prefer to have their managers subject to regulation and yet wish to avoid the more stringent requirements of the Existing Regime.  In a guest article, Michael J. Burns, James McConvill and Nadia Menezes describe the evolution of SIBA fund manager regulation; the basic requirements of the Lighter Touch Regime, including manager eligibility criteria; the benefits of the Lighter Touch Regime; and the interaction between the Lighter Touch Regime and the Existing Regime.  Burns is the Managing Partner and Head of the Corporate and Commercial department in the BVI office of Appleby; McConvill is a consultant to Appleby in the BVI; and Menezes is a Senior Associate at Appleby in the BVI.