Establishment of Company Law Review Advisory Committee Announced by BVI FSC

On December 1, 2006 the British Virgin Islands Financial Services Commission made an announcement that Executive Council acting on the advice of FSC has agreed to the Establishment of a Company Law Review Advisory Committee, pursuant to the provisions of the BVI Business Companies Act.

The Advisory Committee will keep the Business Companies Act (BCA) and other legislation relevant to company law as specified by the Commission. Another function of the Committee is also making recommendations for changes to the BCA. The Committee will also make recommendations to the Commission for development and reforming company law in the BVI.

The Committee includes wide range of persons with expertise and experience in many public spheres. The authority and reputation of Committee Members will make its deliberations especially valuable.

When looking for certain persons to be engaged in the work of the Committee, BVI Government and the Financial Services Commission had the purpose to ensure that both local and offshore interests are represented. Members are appointed for a period of three years.The appointments to the Committee from the Financial Services Commission are:

• Managing Director (Chairman)
• Director, Legal/ Enforcement
• Registrar of Corporate Affairs
• Director, Policy Research & Statistics

From BVI Government there are:

• Representative from the Ministry of Finance
• Representative from the A.G.’s Chambers

Following persons are deputed to the Advisory Committee from Private Sector:

• Richard Peters (Harney’s)
• Barry Goodman (Trident Trust Company)
• Michael Fay (WSmiths)
• Barbara O’Neal (O’Neal Webster)
• Anthony Lynton (Maples & Calder)
• Selina O’Neal (Equity Trust Company)
• Ron Potter (Deloitte)
• John Greenwood (Appleby Hunter Bailhache)
• Glenroy A. Forbes (Forbes Hare)
• Lewis Hunte (Hunte and Co.)
• Gareth Thomas (Codan Trust Company (BVI) Ltd.)