Sunday, January 24, 2010

BVI FSC Published Statistics for the Third Quarter of 2009

The BVI Financial Services Commission has issued the sixteenth volume of quarterly Statistical Bulletin, which includes information and statistics on financial services activities in the third quarter of 2009.

According to the Registry of Corporate Affairs, the number of business companies incorporated and registered in this period was 13,368 - higher than in the second quarter of 2009. Cumulative number of BVI BC's as of 30 September 2009 was 433,164. Total number of company incorporations for the first three quarters of 2009 decreased heavily compared to the same period of 2008 and especially of 2007. Also, the Registry reported that 10 Limited Partnerships were registered in Q3 2009, and the cumulative number of Limited Partnerships was 617.

In the sector of Banking and Fiduciary services the cumulative number of banking licences issued and/or renewed has not changed; generally, in the third quarter 2009 there were two newly licensed entities. Total number of licensed entities as of 30 September 2009 was 254.

The Financial Services Commission published the following financial results for the commercial banking sector in Quarter 3, 2009: total assets were US$2452mln, cash items were US$981mln, investments were US$2,7mln. Net income of commercial banks made US$45,8mln.

In Investment Business sector, total number of licences granted to functionaries (managers and administrators) in the third quarter of 2009 was 12, and the cumulative number of licences as of 30 September 2009 was 582; 54 licences were issued to mutual funds, and total number of mutual funds' licences was 2923.

According to the Insurance Sector statistics, in this period 3 licences were issued to insurers and 312 renewed (total number 315, compared to 364 in 2008). Also, 3 licences were issued to functionaries (agents, brokers, managers, etc.) and 42 renewed (total number 45, compared to 43 in 2008).

The Legal and International Cooperation statistics shows that the number of international co-operation requests (formal and informal) was 43 in the third quarter of 2009; there were 39 enforcement matters and 11 advisory warnings issued.

Further information and statistics in the spheres of legal and international co-operation, on-site compliance inspections and matters supervised by the Licensing and Supervisory Committee (LSC) can be found on the BVI FSC home page.

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