UK Officials and British Overseas Territories Discussed Brexit

During the annual Joint Ministerial Council which was held in London, the leaders of the British Overseas Territories including British Virgin Islands met with UK officials and discussed several issues including Brexit. The UK government has noted that the Brexit referendum results will not change the position on sovereignty between the UK and its overseas territories.

The JML was also attended by the parliamentary under-secretary at the department for exiting the EU who said that the UK would involve the British Overseas Territories in the Brexit talks.

British Overseas Territories leaders will also have a special JMC Brexit meeting in London in the first quarter of 2017, before the UK invokes Article 50 of the Lisbon Treaty.

Along with Brexit issue, there were many other topics were discussed including self-determination, pensions, human rights, corruption, environment and government infrastructure.

BVI FSC Being Confident in BVI licensed Financial Institutions

British Virgin Islands Financial Services Commission issued press release in the end of October in which expressed confidence in the banking sector of the jurisdiction. As the sole financial regulator responsible for supervision of all financial institutions licensed in BVI, the FSC are confident in its regulatory procedures and processes, and are actively working with financial institutions to assist in achieving satisfactory compliance.

In the published press release, the Commission stated that it is unable to give comments on the financial condition of any individual financial institution in the jurisdiction but can confirm that BVI licensed banks are well capitalised and have adequate level of liquidity. The Commission announced that they do not expect any failure in the BVI banking sector.

BVI Asian Trade Mission: Agreement with Chinese economic area and BVI Roadshow

The strategic cooperation agreement between the BVI government and the Administration Commission of the Tianjin Binhai New Area Central Business District (CBD) was signed, as a result of the BVI Asian Trade Mission led by premier and minister of finance Dr Orlando Smith. Tianjin Binhai New Area is one of special economic zones of China, established in 2010. The BVI and the Tianjin Binhai New Area are planning to develop long-term cooperation and mutually support each other's development strategies, systems of management and operation as long-term strategic partners.

At a BVI road show event, which followed as part of the BVI Asian Trade Mission, the BVI Premier was speaking on the theme: “Pursuing Global Success with BVI as Your International Partner of Choice”. Also, the presentation was delivered by Conyers Dill & Pearman Partner themed “The Belt and Road Initiative: How the BVI Facilitates the Investment Opportunities”. Deputy group managing director made a presentation named “The BVI: At the Cutting Edge of Incorporation”. Managing director from AMS Financial Services presented “The BVI: Balancing Client Confidentiality with International Compliance”. 

The panel discussion on the event was moderated by Permanent Secretary of Premier's Office, Brodrick Penn, and named “The BVI Advantage in the Capital Markets”, followed by the presentation “The BVI Advantage in Litigation”. The roadshow was closed by a panel titled “The Enduring Competitiveness of the BVI”.