The BVI Financial Services Commission (the “Commission”) has issued the Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2021 (“the Order”). The Order comes into force on 15 February 2021 and is available on the Commission’s website.
The initial submission date for the new returns is 15 May 2021 for the calendar year 2020. After that, the returns are required to be submitted by 31 March annually.
Important information to note about the Order is detailed below:
The Order introduces the following new annual returns for the following licensees:
- Captive Insurance
- Domestic Insurance
- Insurance Agent and Broker
- Insurance Manager
- Investment Business
New AML/CFT Return
The Order also introduces the Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Return, explicitly designed to capture AML/CFT specific data. This return must be completed by all licensees, including the approved investment managers.
Replacement of Prudential Return for Fiduciary Services Business
The Order also replaces the Prudential Return for Fiduciary Services Business with the new Fiduciary Services Business Annual Return. This Return is effective for the calendar year 2021. Licensees are not required to re-file returns already submitted for the 2020 reporting period.
New Filing Deadline for Prudential Return for Banks
Banking licensees should note that the submission date for filing of the Prudential Return for Banks is now 15 days after the quarter instead of 1 month as was previously legislated.
Guidance on how to complete and file these new returns, including the corresponding Excel spreadsheet forms, are available here on the Commission’s website. Included in the guidance are the email addresses to which each return must be electronically filed. Licensees are advised not to complete and submit a hard copy of the returns as contained in the Order as these will not be accepted as being properly filed.
The Commission wishes to remind licensees of the importance of making timely submissions. The Commission can then properly monitor each sector’s activities and appropriately address any potential issues that may negatively impact the licensee, the financial services sector, and the Territory’s overall reputation. Your continued cooperation is appreciated.
About the British Virgin Islands Financial Services Commission
The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory.
For further information, please contact:
BVI Financial Services Commission
18 Pasea Estate Road, TORTOLA VG1110, BRITISH VIRGIN ISLANDS
Tel: (284) 494-4190
Fax: (284) 494-5016
Email: [email protected]
This news item was originally published by the British Virgin Islands Financial Services Commission (BVIFSC VG). For more information, please see the Source Link.