Monday, June 14, 2010

BVI FSC Publishes Statistics for Q4 2009

The British Virgin Islands Financial Services Commission issued the seventeenth volume of Quarterly Statistical Bulletin that includes statistics, information and analysis of financial services activities in the BVI in the fourth quarter of 2009.

In this period, the number of companies incorporated in the BVI decreased: 11,931 new companies were registered, compared to 13,368 in the third quarter of 2009. Cumulative amount of companies registered in the jurisdiction is 410,293. The amount of companies incorporated during the whole year 2009 was less than in the previous years, starting from 2006.

According to Banking and Fiduciary Services statistics, total currently licensed entities as at December 31 2009 were 266. The banking sectors statistics for commercial banks in the fourth quarter of 2009 included information that total assets were US$2,453,025,000, cash items were US$925,018,000, net income was US$33,206.

According to the investment business statistics, 7 licenses were granted to functionaries in the fourth quarter of 2009, including managers and administrators, and 67 licenses were granted to mutual funds – professional, private and public. There were 17 insolvency practitioners licensed in the fourth quarter of 2009.

In the sphere of legal and international co-operation, there were 55 enforcement matters – that is significantly more than in the third quarter of 2009 and in the fourth quarter of 2008. The International co-operation matters in the fourth quarter of 2009 included 24 formal requests (requiring disclosure of non-public information), and 26 informal requests. Also, there were 6 on-site compliance inspections in Q4 2009, including the cases of inspections of the trust companies, in insurance and investment business.

There were 473 matters before the Licensing and Supervisory Committee in the fourth quarter of 2009, divided between Banking and Fiduciary Services (139), Investment Business (257), Insurance (73), and Insolvency Services (4).

No comments: