MOU with ESMA Signed by 25 European Securities Regulators

According to the press release issued by the British Virgin Islands Financial Services Commission, twenty-five European securities regulators signed Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information related to the supervision of Alternative Investment Fund Managers with the BVI FSC.

The MOU signed in May 2013 was negotiated and approved by European Securities and Markets Authority (ESMA), and provided for the supervision of alternative investment funds, including hedge funds, private equity funds and real estate funds. The signings ensure that the BVI Mutual Fund Industry will be able to market its products within the European Union.

It was stated in the press release that the Commission had been negotiating with ESMA since April 2012, and through its participation in the process, is confident that the MOU represents a balanced approach, and is pleased to have executed the agreements which demonstrate the recognition and importance of BVI funds in the global industry.

BVI FSC Published Quarterly Statistics for Period Ended March 2013

The British Financial Services Commission has published the regular volume of its Quarterly Statistical Bulletin, providing statistics and analysis of financial services industry activities in the jurisdiction in the first quarter of the year, ended March 31, 2013. According to the information of the Registry of Corporate Affairs, 16,666 new companies were incorporated in this period, as compared to 14,783 in the fourth quarter of 2012, and 17,865 in the first quarter of 2012. Cumulative number of active companies incorporated in the BVI at the end of Q1 2013 was 482,747. Also, there were 565 Limited Partnerships and 1,061 Private Trust Companies registered in BVI by the end of the reported period.

Banking and Fiduciary Services sector shows the following figures for commercial banks in the first quarter of 2013 (in US$ thousands): total assets made $2,436,445, deposits made $1,809,321, total shareholders’ equity was $416,240, operating income was $24,982, and net income was $13,673. 

In Investment business, 10 new Investment Business Licences were granted in the first quarter of the year (6 in Q4 2012, and 16 in Q1 2012), and 39 Mutual Funds were licensed (27 in Q4 2012 and 32 in Q1 2012). Cumulative number of Investment Business Licences as of 31 March 2013 was 530, and cumulative number of Mutual Funds was 2303.

According to Insolvency Services statistics, total number of Insolvency Practitioners in Q1 2013 was 23, the same as in the fourth and the first quarters of 2012. In the Insurance business sector, two insurance licences (1 captive and 1 domestic) were granted in the reported period, making the cumulative number of licences in this industry to achieve 229. 

As concerns Legal and Enforcement and International Cooperation statistics, there were totally 32 Enforcement Actions during the first three months of the year, including Advisory Warnings, Directives, Administrative Penalties, etc. Other information, including statistics on Ongoing Supervision and Onsite Inspections, can be found on the website of BVI FSC.