Thursday, January 05, 2012

Tenth Anniversary of British Virgin Islands Financial Services Commission

This week, there was the 10th anniversary since the British Virgin Islands Financial Services Commission had been established as an independent regulatory authority for the international financial centre. In December 2001, the Financial Services Commission Act was passed that formally created the Financial Services Commission on 2 January, 2002.

Since that time, the Commission has successfully operated as the body responsible for the regulation, supervision and inspection of all financial services business conducted in and from within the British Virgin Islands. The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

Before the creation of the Financial Services Commission, the financial services industry within the British Virgin Islands was regulated by the BVI government through the Financial Services Department under the Ministry of Finance. All responsibilities previously handled by Government through the Financial Services Department have been taken by the Commission since its establishment.

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