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British Virgin Islands Regulatory Bodies Step Up to Ensure Financial Stability

The British Virgin Islands (BVI) has taken a significant step in enhancing its financial sector regulatory framework with the establishment of the British Virgin Islands Financial Services Commission in December 2001. This autonomous body is responsible for regulating, supervising, and inspecting all financial services operating within and from the BVI.

Responsibilities

The commission regulates a range of activities deemed to be financial services, including:

  • Insurance
  • Banking
  • Fiduciary services
  • Trustee business
  • Company management
  • Investment business
  • Insolvency services
  • Registration of companies, limited partnerships, and intellectual property

Mandate

Since assuming responsibility for functions previously carried out by the Government through the Financial Services Department in 2002, the Commission has been tasked with:

  • Promoting public understanding of the financial system and its products
  • Policing the perimeter of regulated activity to prevent market abuse
  • Reducing financial crime

By fulfilling these responsibilities, the British Virgin Islands Financial Services Commission plays a crucial role in ensuring the stability and integrity of the BVI’s financial sector.