Thursday, November 30, 2017

BVI FSC Issued Statistical Bulletin for Q3 2017


In the end of November, the British Virgin Islands Financial Services Commission issued the forty-eighth volume of Quarterly Statistical Bulletin, providing information on financial services activities in the territory for the third quarter of 2017. Statistics of the Registry of Corporate Affairs shows that 7,639 new business companies were incorporated in the British Virgin Islands in this period, as compared to 7,621 companies registered in the second quarter of 2017, and 7,766 companies registered in the third quarter of the previous year. Cumulative number of BVI BCs was 413,273 as at 30 September 2017. The Registry also published information about 24 Private Trust Companies and 23 Limited Partnerships incorporated in Q3 2017, cumulative number as at 30 September 2017 was 1,121 and 758, respectively.

According to Investment Business statistics, 14 new licences were granted to Approved Investment Managers, 3 licences granted to Professional Mutual Funds, and 2 licences to Private Mutual Funds. In total, 11 funds were registered/recognized in the third quarter of the year. 

In the reported period, there were 28 Insolvency Practitioners in the BVI in Q3 2017 (27 in Q2 2017, and 26 in Q3 2016). Cumulative number of Insurance Licensees and Functionaries as at 30 September of this year remained the same as by the end of the previous quarter. 

In the sphere of International Co-operation, in the third quarter of 2017 there were 49 Formal Incoming Requests, 1 Formal Request, 1 Formal Outgoing Request, 153 Enforcement Matters and 17 Enforcement Investigations. Of Ongoing Supervision Matters referred to the Licensing and Supervisory Committee, 79 referred to Banking, Insolvency and Fiduciary services, 110 referred to Investment Business, and 114 to Insurance. Other relevant information and statistics can be found on the website of BVI FSC.

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