British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Thursday, July 28, 2011

BVI FSC Issues Quarterly Statistical Bulletin

The British Virgin Islands Financial Services Commission has issued regular volume of Quarterly Statistical Bulletin, providing information on financial services activities in the jurisdiction in the first quarter of 2011.

According to the information published by the Registry of Corporate Affairs, in the reported period 19,010 Business companies were registered, a significant increase as compared to 14,267 companies registered in the fourth quarter of 2010, and to 16,596 companies registered in the first quarter of 2010. In fact, the number of companies registered in the reported period approached the level of the year 2008, when in Q1 20,752 companies were registered. Cumulative number of Business companies incorporated in the British Virgin Islands by the end of Q1 2011 was 456,146. Also, in the period that ended March 31, 2011, 25 new Limited Partnerships were registered, cumulative number of Limited Partnerships by the end of Q1 2011 was 521.

By the statistics of Banking and Fiduciary Services sector, in the first quarter of 2011 two Class I trusts licences were issued. Cumulatively, there were 223 currently licensed entities as at March 31, 2011.

The statistics of Banking Sector for commercial banks showed the following figures: total assets were US$2,408 mln, cash items were US$729,2, loans and advances made US$1,538 mln, total liabilities were US$2,011 mln.

According to the Investment business statistics, 57 mutual funds were registered in Q1 2011; of them 45 are professional funds and 12 are private funds. Cumulative number of mutual funds as of March 31, 2011 was 2673. The Investment business statistics has also shown that 90 mutual funds licences and 8 Investment business licences were cancelled.

In the Insurance industry, one licence was granted in Q1 2011, cumulative number of insurance and functionaries licences as at 31 March 2011 was 41. In the sphere of Legal and International co-operation there were 35 International Co-operation Matters, 32 of them were formal requests requiring disclosure of the non-public information.

In the first quarter period, there were 452 matters before the Licensing and Supervisory Committee, and one matter of on-site inspection.

Other statistical data, facts and figures can be found on the site of Financial Services Commission of the British Virgin Islands.

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Saturday, July 16, 2011

BVI FSC Publishes Guidance Notes for Compliance Inspectors

The British Virgin Islands Financial Services Commission has published Code of Conduct for Compliance Inspectors, which will serve as a guidance for members of Commission's Compliance Inspection Team while carrying out the inspection duties.

This Code of Conduct establishes basic standards to be maintained by all inspectors while conducting compliance inspections of the Commission's licensees. Also, the Code of Conduct serves as a guide to the Commission's licensees in terms of what they expect of the conduct of inspectors during an inspection process.

According to the published document, the inspectors must comply with the provisions of the Act and other current statutes or statutory provisions which may be applicable to their functions, including the Commission’s Compliance Inspection Procedures Manual and any guidelines issued by the Commission.

The Code of Conduct sets the duties of Compliance Inspectors, which include duty to discharge responsibilities with integrity, duty to maintain proper records, duty to work within the scope of available resources, duty not to attempt to damage the professional reputation of another inspector or of the Commission, and the need to maintain confidentiality. The document sets relationship between inspectors and the inspections coordinator, and establishes the rules applicable in cases of conflicts of interest. The document also covers other issues concerning the conduct of Compliance Inspectors.

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Tuesday, July 12, 2011

FSC Issues Public Announcement on BVI Mutual Fund

The British Virgin Islands Financial Services Commission issued public statement informing the general public, including investors and creditors, that Advantage Finance European Futures Fund Ltd is no longer recognised by the FSC as a private mutual fund.

According to the document published by the Commission, the Fund was incorporated in the territory of the British Virgin Islands on 5 March, 1999. It was formerly recognised by the Commission as a private mutual fund to conduct mutual fund business within the territory. On 1 November, 2008 it was struck off the company register maintained by the BVI Registrar of Corporate Affairs, for the non-payment of company registration fees.

The Certificate of recognition of Advantage Finance European Futures Fund Ltd was cancelled on 15 December, 2010 as a result of non-payment of its recognition fees in 2008, 2009 and 2010. At the same time, the Fund has been hosting and maintaining a website at www.advantage-finance.com and giving the impression that it is still active and carrying on investment business.

The FSC informed that it will provide an update on further developments on this matter.

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