GIFCS Report of The British Virgin Islands Against Compliance with its Standard on the Regulation of TCSP’s in the Region
The British Virgin Islands Financial Services Commission (the “BVIFSC”) was assessed by the Group of International Finance Centre Supervisors (“GIFCS”) on 11 – 14 November 2019 against its Standard on the Regulation of Trust and Corporate Service Provides (the “Standard”).
The British Virgin Islands (“BVI”) is the third jurisdiction to be assessed under the Standard which is a benchmark for establishing regulatory frameworks and supervisory practices for the robust oversight of trust and corporate service providers. The BVIFSC and a select group from within the financial services industry participated in the peer review and on-site visit. As a member of GIFCS and part of a global community of financial services regulators, the BVIFSC values participating in developing and reviewing regulatory and supervisory standards.
Jennifer Potter, the Acting Managing Director noted that the BVIFSC is committed to the continued development of the financial services sector in the BVI, which has proven to be resilient and a preferred jurisdiction for Trust and Corporate Service Providers. The BVI received the top two available ratings in 70% of the areas assessed. Ms. Potter commended the efforts of the BVIFSC team who were instrumental in facilitating the self-assessment and on-site visit under the leadership of Mr. Kenneth Baker, Deputy Managing Director for Regulation at the BVIFSC.
In considering the report, Ms. Potter further commented that the BVIFSC is already engaged in diligently addressing areas for improvement identified in the report and thanked the team of assessors for their professional conduct of the assessment which led to the report. She stated: “I am encouraged by the work that the team and wider BVIFSC has already undertaken to improve the implementation of the Standard and I am confident that the BVI will continue to be regarded as a well-regulated international finance centre.”
A copy of the report can be found here.
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.