Showing posts with label Investment Services. Show all posts
Showing posts with label Investment Services. Show all posts
Friday, July 5, 2013
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.
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Tuesday, February 26, 2013
BVI Named a Major Financial Centre by The Economist
In a special report by The Economist, a well known weekly news magazine publishing reports on politics, economics, business and finance, BVI has been recognized as a major financial centre playing a strong role in the global economy. It is stated in the report that offshore financial centres have recently been under attack but have been resilient to it, and the future of respected international finance centres like the British Virgin Islands and their staying in business is guaranteed.
The report, named “Storm survivors”, also acknowledges the importance of Asia to the BVI jurisdiction, as the BVI companies are used for initial public offerings and international investments. Among the reasons why investors are using the BVI for international arbitrage, there are highlighted the ease of raising funds, cheaper access to capital markets, speed of setting up a company (or investment vehicle) and access to reliable courts.
The executive director of the BVI International Finance Centre Elise Donovan commented on the report, saying that “The Economist has highlighted some positive attributes about the BVI. It has shown us in a true light as a stable, well regulated and neutral jurisdiction which makes a significant contribution to the liquidity of the global economy.”
She also said some words on the role of Asian market for the BVI: “Asia is of the utmost importance to us. In less than 10 years, China will be the largest economy in the world. We have built a strong relationship with China and we must continue to build on those foundations and ensure the BVI remains an attractive proposition for Asian businesses.”
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Saturday, January 19, 2013
New Volume of Statistical Bulletin Issued by BVI FSC
This week, the Commission published the twenty-eighth volume of its Quarterly Statistical Bulletin, comprising statistics and analysis of BVI financial services industry for the third quarter of 2012. In the three month period, ended September 2012, 16,251 new companies and 20 limited partnerships were incorporated on the territory – more than in the second quarter of the year. As compared to the previous years, the number of company incorporations in the third quarter of 2012 was less than in the same quarter of 2011 (17,056), but more than in the years 2010 and 2009 (15,946 and 13,368, respectively). According to the Registry of Corporate Affairs, cumulative number of active business companies achieved 473,707 as at 30 September 2012, and cumulative number of limited partnerships achieved 496.
By the Banking and Fiduciary Services statistics, banking sector of the British Virgin Islands showed the following figures in the third quarter of 2012 (in thousands of US$): Cash items in the amount of $689,815, loans and advances in the amount of $1,600,974, total assets - $2,438,154, total shareholders’ equity - $449,670, net income - $31,235.
In the Investment Business, 3 new Investment Business licenses and 29 Mutual Funds licenses were granted in the reported period. Cumulative number of active mutual funds in Q3 2012 was 157 public funds (181 in Q3 2011), 591 private funds (718 in Q3 2011), and 1,610 professional funds (1,728 in Q3 2011).
In the sector of Legal and Enforcement and International Cooperation, 51 enforcement matters were registered in the reported period, and 31 formal requests for international cooperation, requiring the disclosure of non-public information. There were 14 enforcement actions, 12 of them – before the Enforcement Committee. Among the matters referred to the Licensing and Supervisory Committee in the third quarter of 2012, 79 related to Banking and Fiduciary Services, 332 related to Investment Business, 46 – to Insurance, and 7 – to Insolvency Services.
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Wednesday, September 12, 2012
BVI FSC Issued Statistical Bulletin for Second Quarter of 2012
Last week, the British Virgin Islands Financial Services Commission published Quarterly Statistical Bulletin, providing information and analysis of financial services activities in the BVI jurisdiction. The newly issued Volume 27 includes statistics for the second quarter of 2012.
According to the information of the Registry of Corporate Affairs, in the second quarter of the year 15,200 International Business Companies and 15 limited partnerships were incorporated in the BVI, as compared to 17,865 companies and 18 limited partnerships registered in the first quarter of 2012. Cumulative number of companies incorporated in the BVI as at 30 June 2012 was 447,801, and the number of limited partnerships was 442.
In the Banking and Fiduciary Services sector, one Money Services/Financial Business licence was issued in Q2 2012. The Banking sector statistics for commercial banks showed the following: total assets – $2, 39 million, deposits - $1, 73 million, net income - $11, 6 million, profit margin – 38,57%.
In Investment Business Sector, 10 new Investment Business Licences, 17 professional and 5 private licences for Mutual Funds were granted in the second quarter of the year. Cumulative number of investment business licences as at 30 June 2012 was 532; total number of professional mutual funds was 1621. Cumulative number of active mutual funds was lower in the reported second quarter of 2012, as compared to the same periods of 2011, 2010 and 2009.
In Q2 2012, total number of insolvency practitioners was 24 (25 in Q2 2011, 20 in Q2 2010). According to insurance statistics, one captive insurance licence was granted in this period.
According to Legal and Enforcement and International Cooperation statistics, total number of international cooperation matters in the second quarter of 2012 was 42 (42 in Q1 2012, and 44 in Q2 2011). Among ongoing Supervision Matters reviewed by the Licensing and Supervisory Committee, 110 referred to Banking and Fiduciary Services sector, 446 referred to Investment Business sector, and 60 referred to Insurance sector.
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Friday, March 9, 2012
Advisory Warning No.2 Issued by BVI FSC
Advisory Warning No. 2 of 2012 was published by the British Virgin Islands Financial Services Commission on 29 February, 2012, relating to the Stand Online Ltd./ Fidelity Ltd. - the companies which offered investment opportunities on the websites at www.stockcastle.com, and presented itself as being incorporated and registered in the British Virgin Islands.
The BVI FSC informed the public that Stand Online Ltd. / Fidelity Ltd. is not, and has not at any time been incorporated or registered in the British Virgin Islands jurisdiction, or licensed by the Financial Services Commission. The Commission urged the public to exercise extreme caution in conducting any transactions with Stand Online Ltd. / Fidelity Ltd.
Also, the Commission has been advised that neither of the entities has any affiliation to Fidelity Corporate Services Ltd. and Fidelity Management Services Limited – the companies which are licensed by the FSC, and have all the rights to offer incorporation and investment services in the British Virgin Islands jurisdiction.
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The BVI FSC informed the public that Stand Online Ltd. / Fidelity Ltd. is not, and has not at any time been incorporated or registered in the British Virgin Islands jurisdiction, or licensed by the Financial Services Commission. The Commission urged the public to exercise extreme caution in conducting any transactions with Stand Online Ltd. / Fidelity Ltd.
Also, the Commission has been advised that neither of the entities has any affiliation to Fidelity Corporate Services Ltd. and Fidelity Management Services Limited – the companies which are licensed by the FSC, and have all the rights to offer incorporation and investment services in the British Virgin Islands jurisdiction.
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Wednesday, December 21, 2011
BVI FSC Publishes Financial Statistics for Q2 and Q3 of the Year
Last week, the BVI Financial Services Commission published the twenty-third and twenty-fourth volumes of its Quarterly Statistical Bulletin, providing information on financial services activities in the territory in the second quarter and the third quarter of 2011, respectively.
In the second quarter period, ended 30 June 2011, there were 15,689 business companies newly registered in the BVI, as compared to 12,815 in the same quarter of 2010. Also, there were 13 Limited Partnerships registered in the second quarter of the year. According to the Banking and Fiduciary Services statistics for commercial banks, in this period total assets were US$2,419 mln, cash items were US$717,028 mln, loans and advances were US$$1,529 mln, total liabilities were about US$2 mln.
Total number of Licensed Insolvency Practitioners, including Full and Restricted Licenses, in the second quarter of 2011 was 25. In the sphere of Legal and International Cooperation, there were 24 International Cooperation Matters, and 44 Enforcement Matters. The Licensing and Supervisory Committee (LSC) in these three months has reviewed 538 matters.
The twenty-fourth volume of the BVI Financial Services Commission's Quarterly Statistical Bulletin, providing information on financial services activities in the third quarter of 2011, informs about 17,056 business companies incorporated in this period. Cumulative number of business companies as at 30 September 2011 was 457,331. In the third quarter of 2011, 12 Limited Partnerships were established, cumulative number of Limited Partnerships was 545.
According to the Banking and Fiduciary Services statistics, total assets in this period were US$$2,450 mln, cash items were US$724,6 mln, loans and advances were US$1,582 mln, total liabilities were US$2,028 mln.
According to Legal and International Cooperation Statistics, in the third quarter of 2011 there were 38 International Cooperation Matters, and 31 Enforcement Matters; 357 matters were reviewed by the Licensing and Supervisory Committee.
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In the second quarter period, ended 30 June 2011, there were 15,689 business companies newly registered in the BVI, as compared to 12,815 in the same quarter of 2010. Also, there were 13 Limited Partnerships registered in the second quarter of the year. According to the Banking and Fiduciary Services statistics for commercial banks, in this period total assets were US$2,419 mln, cash items were US$717,028 mln, loans and advances were US$$1,529 mln, total liabilities were about US$2 mln.
Total number of Licensed Insolvency Practitioners, including Full and Restricted Licenses, in the second quarter of 2011 was 25. In the sphere of Legal and International Cooperation, there were 24 International Cooperation Matters, and 44 Enforcement Matters. The Licensing and Supervisory Committee (LSC) in these three months has reviewed 538 matters.
The twenty-fourth volume of the BVI Financial Services Commission's Quarterly Statistical Bulletin, providing information on financial services activities in the third quarter of 2011, informs about 17,056 business companies incorporated in this period. Cumulative number of business companies as at 30 September 2011 was 457,331. In the third quarter of 2011, 12 Limited Partnerships were established, cumulative number of Limited Partnerships was 545.
According to the Banking and Fiduciary Services statistics, total assets in this period were US$$2,450 mln, cash items were US$724,6 mln, loans and advances were US$1,582 mln, total liabilities were US$2,028 mln.
According to Legal and International Cooperation Statistics, in the third quarter of 2011 there were 38 International Cooperation Matters, and 31 Enforcement Matters; 357 matters were reviewed by the Licensing and Supervisory Committee.
Article any source
Thursday, May 26, 2011
Regular Statistical Bulletin Published by BVI FSC
The British Virgin Islands Financial Services Commission has published the twenty-first volume of its Quarterly Statistical Bulletin, providing statistics and information on financial services activities for the fourth quarter of 2010.
By the information of the Registry of Corporate Affairs, for the fourth quarter period ended 31 December 2010 there were 14,267 Business Companies newly registered, a little decline if compared to 15,946 companies in the third quarter of 2010. Cumulative number of business companies as of 31 December 2010 was 459,364. Also, there were 29 Limited Partnerships registered in Q4 2010 (cumulative number 679). In total, in the year 2010 more BVI Business Companies were registered than in 2009, but the number of new incorporations was still lower than in the years 2007 and 2008.
The Banking Sector statistics of commercial banks for the fourth quarter 2010 comprised the following figures: total assets - US$2,453 million, cash items – US$757,7 million, total liabilities – US$2,062,6 million. Net income was US$36,316, loan loss reserves were US$1,4 million.
The Investment Business statistics has shown that total number of licences granted in the fourth quarter of the year was 31, cumulative number of licences as at 31 December 2011 being 2706.
As of the end of the fourth quarter of the year, there were 20 insolvency practitioners including full and restricted licences. Cumulative number of Insurance licences granted as at 31 December 2010 was 255 (16 issued in the fourth quarter of the year).
According to the Legal and International Co-operation statistics, in Q4 2010 there were 26 International Cooperation Matters, 24 of them being formal requests, and 25 Enforcement Matters. Also, in the fourth quarter of 2010 there were 644 Matters before the Licensing and Supervisory Committee (LSC), and 5 on-site inspections.
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By the information of the Registry of Corporate Affairs, for the fourth quarter period ended 31 December 2010 there were 14,267 Business Companies newly registered, a little decline if compared to 15,946 companies in the third quarter of 2010. Cumulative number of business companies as of 31 December 2010 was 459,364. Also, there were 29 Limited Partnerships registered in Q4 2010 (cumulative number 679). In total, in the year 2010 more BVI Business Companies were registered than in 2009, but the number of new incorporations was still lower than in the years 2007 and 2008.
The Banking Sector statistics of commercial banks for the fourth quarter 2010 comprised the following figures: total assets - US$2,453 million, cash items – US$757,7 million, total liabilities – US$2,062,6 million. Net income was US$36,316, loan loss reserves were US$1,4 million.
The Investment Business statistics has shown that total number of licences granted in the fourth quarter of the year was 31, cumulative number of licences as at 31 December 2011 being 2706.
As of the end of the fourth quarter of the year, there were 20 insolvency practitioners including full and restricted licences. Cumulative number of Insurance licences granted as at 31 December 2010 was 255 (16 issued in the fourth quarter of the year).
According to the Legal and International Co-operation statistics, in Q4 2010 there were 26 International Cooperation Matters, 24 of them being formal requests, and 25 Enforcement Matters. Also, in the fourth quarter of 2010 there were 644 Matters before the Licensing and Supervisory Committee (LSC), and 5 on-site inspections.
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Wednesday, December 29, 2010
BVI FSC Announced Formation of SIBA Advisory Committee
The BVI FSC announced the formation of the Securities, Investment Business and Mutual Fund Advisory Committee (SIBA Advisory Committee). This is the statutory committee that has the responsibility to review the Securities and Investment Business Act, 2010, which was enacted in the House of Assembly in April, 2010 and came into force in May, 2010, and recommend changes to the regulatory regime that governs securities, investment business and mutual funds in the British Virgin Islands. The Chairman of the SIBA Advisory Committee is Mr. Ross Munro, Partner and Head of Investment Funds and Regulatory at Harneys law firm.
The FSC's Director, Investment Business, Brodrick Penn, commented on the formation of the SIBA Advisory Committee, saying that “The Commission is pleased to continue its partnership with the private sector through the formation of the new advisory committee, which will play a similar role to its predecessor; the Mutual Fund Advisory Committee. We are equally pleased to have a diverse range of professional expertise and personalities working together with the Commission to advise on matters relating to the development of the securities industry”.
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The FSC's Director, Investment Business, Brodrick Penn, commented on the formation of the SIBA Advisory Committee, saying that “The Commission is pleased to continue its partnership with the private sector through the formation of the new advisory committee, which will play a similar role to its predecessor; the Mutual Fund Advisory Committee. We are equally pleased to have a diverse range of professional expertise and personalities working together with the Commission to advise on matters relating to the development of the securities industry”.
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Saturday, October 2, 2010
NY Funds Conference Proved to be Successful
The New York funds conference, which was hosted on September 23 by the International Finance Centre (IFC) and the BVI Investment Funds Association, was named a “great success” by the Executive Director of IFC Sherri Ortiz. According to one of conference participants, the event was well organized, and information was interesting and well presented.
On the conference the following presentations were provided by representatives of Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learnt for the Funds Industry from the Financial Crisis. The British Virgin Islands Financial Services Commission provided updates on the territory's regulatory regime and recent legislation initiatives.
Sherri Ortiz commented that the conference was also a “clear demonstration of how far the Territory has progressed in this sector and the extent to which our funds business has grown. There is an increasing appetite from global practitioners to understand more about the Virgin Islands, as evidenced by the call for more events of this kind.”
Article any source
On the conference the following presentations were provided by representatives of Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learnt for the Funds Industry from the Financial Crisis. The British Virgin Islands Financial Services Commission provided updates on the territory's regulatory regime and recent legislation initiatives.
Sherri Ortiz commented that the conference was also a “clear demonstration of how far the Territory has progressed in this sector and the extent to which our funds business has grown. There is an increasing appetite from global practitioners to understand more about the Virgin Islands, as evidenced by the call for more events of this kind.”
Article any source
Monday, September 20, 2010
BVI IFC Hosts New York Funds Conference
On September 23, the British Virgin Islands International Finance Centre (IFC) and the BVI Investment Funds Association will host a conference in New York under the title "A New Era in Funds Domiciliation," where Domiciliation refers to the fixed location of a fund.
By words of the Executive Director of the BVI IFC Ms. Sherri Ortiz, the conference is a great demonstration of Territory's progress in this sector, and the extent to which BVI businesses in funds have grown. She noted that this is an excellent opportunity for them to showcase their funds expertise to international practitioners who want to know more about the British Virgin Islands.
The Executive Director said that the NY conference “promises to provide a quality programme of discussions and keynote speakers. It will provide a unique platform for an exchange of views, sharing best practice and formulation of strategies to best deal with opportunities in 2010 and 2011." She added that the event, which will be attended by leading hedge fund providers in the U.S., will include presentations from leading private sector practitioners on the following topics: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learned for the Funds Industry from the Financial Crisis.
The Conference is part of the BVI IFC's work on marketing the BVI financial services industry and promotion of the jurisdiction's reputation as a reliable financial services centre. The event will be visited by the representatives from the BVI FSC, such reputable offshore law firms as Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier.
Article any source
By words of the Executive Director of the BVI IFC Ms. Sherri Ortiz, the conference is a great demonstration of Territory's progress in this sector, and the extent to which BVI businesses in funds have grown. She noted that this is an excellent opportunity for them to showcase their funds expertise to international practitioners who want to know more about the British Virgin Islands.
The Executive Director said that the NY conference “promises to provide a quality programme of discussions and keynote speakers. It will provide a unique platform for an exchange of views, sharing best practice and formulation of strategies to best deal with opportunities in 2010 and 2011." She added that the event, which will be attended by leading hedge fund providers in the U.S., will include presentations from leading private sector practitioners on the following topics: State of the Funds Market, A Regulatory Approach, Litigate with Confidence and Lessons learned for the Funds Industry from the Financial Crisis.
The Conference is part of the BVI IFC's work on marketing the BVI financial services industry and promotion of the jurisdiction's reputation as a reliable financial services centre. The event will be visited by the representatives from the BVI FSC, such reputable offshore law firms as Conyers Dill & Pearman, Maples and Calder, Walkers, Harney´s and Ogier.
Article any source
Thursday, September 9, 2010
BVI FSC Issues Application Forms for Financial Services Business Provider's Licence
The BVI FSC has issued the information and guidelines for those who seek to apply for a licence or certificate as Financial Services Business Providers within the jurisdiction. The six documents published by the Commission include the Application Form that should be completed by an applicant to obtain the Licence or Certificate as a Financial Services Business Provider (Part 1 of the Document), and the forms which include additional information required in the case of a Banking or Fiduciary Business Licence Application (Part 2), in the case of an Insurance Licence Application (Part 3), for an Investment Business Licence, Recognition and Registration of Mutual Funds (Part 4).
Part 5 of the Document is for additional information, which is not specifically requested in an approved form for the type of authorization sought, but which an applicant may wish to provide for the consideration of an application or for any other reason. Part 6 (Declaration) and Part 1 should be completed by all applicants notwithstanding what type of Licence they apply for.
The order of completing the approved appplication forms, additional forms and attachments and their acceptance by the Commission is stated in the Application Guidelines. Every application must be accompanied by the requisite fee. All completed applications along with supporting documents should be addressed to the Financial Services Commission, and will be processed by appropriate divisions of the FSC which have responsibility for the subject matter of the application.
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Part 5 of the Document is for additional information, which is not specifically requested in an approved form for the type of authorization sought, but which an applicant may wish to provide for the consideration of an application or for any other reason. Part 6 (Declaration) and Part 1 should be completed by all applicants notwithstanding what type of Licence they apply for.
The order of completing the approved appplication forms, additional forms and attachments and their acceptance by the Commission is stated in the Application Guidelines. Every application must be accompanied by the requisite fee. All completed applications along with supporting documents should be addressed to the Financial Services Commission, and will be processed by appropriate divisions of the FSC which have responsibility for the subject matter of the application.
Article any source
Thursday, August 26, 2010
BVI FSC Issued Statistical Bulletin for the Second Quarter of 2010
The Financial Services Commission issued the nineteenth volume of its Quarterly Statistical Bulletin, providing statistics and analysis on activities in the financial services sector in the jurisdiction in the second quarter of 2010.
According to the Registry of Corporate Affairs, the number of newly incorporated business companies in the second quarter of 2010 was 12,815, compared to 16,596 reported in Q1 2010. However, this is a significant increase compared to the second quarter of 2009, when just 9,871 companies were incorporated. Cumulative number of companies incorporated in the British Virgin Islands as at 30 June, 2010 was 468,306.
Banking and Fiduciary Services statistics in the second quarter of 2010 showed the following aggregate totals for commercial banks: total assets were approximately US$2,529,282,000, net income was US$28,948,000, operating income was US$46,953,000. In Investment Business sector, 52 licenses were granted in the reported period, total number of licensed entities was 2956.
In the sector of Legal and International co-operation, 29 matters were registered that required international co-operation, 23 of them were formal requests asking for the disclosure of non-public information. Total number of enforcement actions before the Enforcement Committee was 13.
In the second quarter 2010, there were 307 matters considered by the Licensing and Supervisory Committee (LSC), 167 of them in the Investment Business sphere, 88 in the sphere of Banking and Fiduciary services, 45 related to Insurance, and 7 to Insolvency services.
Article any source
According to the Registry of Corporate Affairs, the number of newly incorporated business companies in the second quarter of 2010 was 12,815, compared to 16,596 reported in Q1 2010. However, this is a significant increase compared to the second quarter of 2009, when just 9,871 companies were incorporated. Cumulative number of companies incorporated in the British Virgin Islands as at 30 June, 2010 was 468,306.
Banking and Fiduciary Services statistics in the second quarter of 2010 showed the following aggregate totals for commercial banks: total assets were approximately US$2,529,282,000, net income was US$28,948,000, operating income was US$46,953,000. In Investment Business sector, 52 licenses were granted in the reported period, total number of licensed entities was 2956.
In the sector of Legal and International co-operation, 29 matters were registered that required international co-operation, 23 of them were formal requests asking for the disclosure of non-public information. Total number of enforcement actions before the Enforcement Committee was 13.
In the second quarter 2010, there were 307 matters considered by the Licensing and Supervisory Committee (LSC), 167 of them in the Investment Business sphere, 88 in the sphere of Banking and Fiduciary services, 45 related to Insurance, and 7 to Insolvency services.
Article any source
Wednesday, August 4, 2010
BVI FSC Specifies New Transition Date for Investment Businesses
The British Virgin Islands Financial Services Commission announced the extention to the transition dates under the Securities and Investment Business Act, 2010 (SIBA) and Mutual Funds Regulations, 2010. The transition provisions apply to existing private, public and professional mutual funds previously authorised under the Mutual Funds Act, as well as to investment related businesses, and specify transition dates and periods in which they must achieve compliance with SIBA.
The transitional provisions under SIBA and Mutual Funds Regulations were recently amended by the Securities and Investment Business (Amendment of Schedule 8) Order, 2010 and Mutual Funds (Amendment) Regulatons, 2010. Two transitions dates specified in SIBA were 3 August, 2010 and 12 October, 2010. The new single transition date specified in the amendments is 31 December, 2010.
SIBA and Mutual Funds Regulations replaced the Mutual Funds Act, 1996 and came into force on 17 May, 2010. These are legislative acts under which the Commission regulates mutual funds and investment related businesses functioning in the British Virgin Islands.
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The transitional provisions under SIBA and Mutual Funds Regulations were recently amended by the Securities and Investment Business (Amendment of Schedule 8) Order, 2010 and Mutual Funds (Amendment) Regulatons, 2010. Two transitions dates specified in SIBA were 3 August, 2010 and 12 October, 2010. The new single transition date specified in the amendments is 31 December, 2010.
SIBA and Mutual Funds Regulations replaced the Mutual Funds Act, 1996 and came into force on 17 May, 2010. These are legislative acts under which the Commission regulates mutual funds and investment related businesses functioning in the British Virgin Islands.
Article any source
Tuesday, July 27, 2010
BVI FSC Issued Eighteenth Volume of Quarterly Statistical Bulletin
Last week, the eighteenth volume of Statistical Bulletin was issued by the BVI FSC, providing information and statistics on the British Virgin Islands financial sector activities in the first quarter of 2010.
In the three month period ended March 31, 2010, there was an increase in the amount of business companies registered in BVI – 16,596 newly registered entities, compared to 11,931 in the fourth quarter of 2009 and 12,307 in the first quarter of 2009. The number of BVI business company incorporations in this period approached to the statistics reported in 2008, - before the yields of the global economical and financial crisis became so clear. Cumulative number of business companies incorporated in the jurisdiction was 456,226 as at March 31, 2010.
Banking and Fiduciary services statistics showed that total number of currently licensed entities in the first quarter of 2010 was 268. According to financial results of banking sector in the first quarter of 2010, total assets of the banks were $2,469,308,000, and net income was $16,239,000.
In the Investment Business sector, 8 new licences were granted in Q1 2010, their total number as at the end of the period was 578; also, 58 new mutual funds licences were issued.
According to the Legal and International Cooperation statistics for the first quarter of 2010, there were less international cooperation matters compared to the previous periods – 17 formal and 4 informal requests, and 28 enforcement matters. There were 913 matters before the Licensing and Supervisory Committee (LSC), of them 91 for banking and fiduciary services, 786 for investment business, 32 for insurance and 4 insolvency services matters.
Article any source
In the three month period ended March 31, 2010, there was an increase in the amount of business companies registered in BVI – 16,596 newly registered entities, compared to 11,931 in the fourth quarter of 2009 and 12,307 in the first quarter of 2009. The number of BVI business company incorporations in this period approached to the statistics reported in 2008, - before the yields of the global economical and financial crisis became so clear. Cumulative number of business companies incorporated in the jurisdiction was 456,226 as at March 31, 2010.
Banking and Fiduciary services statistics showed that total number of currently licensed entities in the first quarter of 2010 was 268. According to financial results of banking sector in the first quarter of 2010, total assets of the banks were $2,469,308,000, and net income was $16,239,000.
In the Investment Business sector, 8 new licences were granted in Q1 2010, their total number as at the end of the period was 578; also, 58 new mutual funds licences were issued.
According to the Legal and International Cooperation statistics for the first quarter of 2010, there were less international cooperation matters compared to the previous periods – 17 formal and 4 informal requests, and 28 enforcement matters. There were 913 matters before the Licensing and Supervisory Committee (LSC), of them 91 for banking and fiduciary services, 786 for investment business, 32 for insurance and 4 insolvency services matters.
Article any source
Monday, June 14, 2010
BVI FSC Publishes Statistics for Q4 2009
The British Virgin Islands Financial Services Commission issued the seventeenth volume of Quarterly Statistical Bulletin that includes statistics, information and analysis of financial services activities in the BVI in the fourth quarter of 2009.
In this period, the number of companies incorporated in the BVI decreased: 11,931 new companies were registered, compared to 13,368 in the third quarter of 2009. Cumulative amount of companies registered in the jurisdiction is 410,293. The amount of companies incorporated during the whole year 2009 was less than in the previous years, starting from 2006.
According to Banking and Fiduciary Services statistics, total currently licensed entities as at December 31 2009 were 266. The banking sectors statistics for commercial banks in the fourth quarter of 2009 included information that total assets were US$2,453,025,000, cash items were US$925,018,000, net income was US$33,206.
According to the investment business statistics, 7 licenses were granted to functionaries in the fourth quarter of 2009, including managers and administrators, and 67 licenses were granted to mutual funds – professional, private and public. There were 17 insolvency practitioners licensed in the fourth quarter of 2009.
In the sphere of legal and international co-operation, there were 55 enforcement matters – that is significantly more than in the third quarter of 2009 and in the fourth quarter of 2008. The International co-operation matters in the fourth quarter of 2009 included 24 formal requests (requiring disclosure of non-public information), and 26 informal requests. Also, there were 6 on-site compliance inspections in Q4 2009, including the cases of inspections of the trust companies, in insurance and investment business.
There were 473 matters before the Licensing and Supervisory Committee in the fourth quarter of 2009, divided between Banking and Fiduciary Services (139), Investment Business (257), Insurance (73), and Insolvency Services (4).
Article any source
In this period, the number of companies incorporated in the BVI decreased: 11,931 new companies were registered, compared to 13,368 in the third quarter of 2009. Cumulative amount of companies registered in the jurisdiction is 410,293. The amount of companies incorporated during the whole year 2009 was less than in the previous years, starting from 2006.
According to Banking and Fiduciary Services statistics, total currently licensed entities as at December 31 2009 were 266. The banking sectors statistics for commercial banks in the fourth quarter of 2009 included information that total assets were US$2,453,025,000, cash items were US$925,018,000, net income was US$33,206.
According to the investment business statistics, 7 licenses were granted to functionaries in the fourth quarter of 2009, including managers and administrators, and 67 licenses were granted to mutual funds – professional, private and public. There were 17 insolvency practitioners licensed in the fourth quarter of 2009.
In the sphere of legal and international co-operation, there were 55 enforcement matters – that is significantly more than in the third quarter of 2009 and in the fourth quarter of 2008. The International co-operation matters in the fourth quarter of 2009 included 24 formal requests (requiring disclosure of non-public information), and 26 informal requests. Also, there were 6 on-site compliance inspections in Q4 2009, including the cases of inspections of the trust companies, in insurance and investment business.
There were 473 matters before the Licensing and Supervisory Committee in the fourth quarter of 2009, divided between Banking and Fiduciary Services (139), Investment Business (257), Insurance (73), and Insolvency Services (4).
Article any source
Sunday, January 24, 2010
BVI FSC Published Statistics for the Third Quarter of 2009
The BVI Financial Services Commission has issued the sixteenth volume of quarterly Statistical Bulletin, which includes information and statistics on financial services activities in the third quarter of 2009.
According to the Registry of Corporate Affairs, the number of business companies incorporated and registered in this period was 13,368 - higher than in the second quarter of 2009. Cumulative number of BVI BC's as of 30 September 2009 was 433,164. Total number of company incorporations for the first three quarters of 2009 decreased heavily compared to the same period of 2008 and especially of 2007. Also, the Registry reported that 10 Limited Partnerships were registered in Q3 2009, and the cumulative number of Limited Partnerships was 617.
In the sector of Banking and Fiduciary services the cumulative number of banking licences issued and/or renewed has not changed; generally, in the third quarter 2009 there were two newly licensed entities. Total number of licensed entities as of 30 September 2009 was 254.
The Financial Services Commission published the following financial results for the commercial banking sector in Quarter 3, 2009: total assets were US$2452mln, cash items were US$981mln, investments were US$2,7mln. Net income of commercial banks made US$45,8mln.
In Investment Business sector, total number of licences granted to functionaries (managers and administrators) in the third quarter of 2009 was 12, and the cumulative number of licences as of 30 September 2009 was 582; 54 licences were issued to mutual funds, and total number of mutual funds' licences was 2923.
According to the Insurance Sector statistics, in this period 3 licences were issued to insurers and 312 renewed (total number 315, compared to 364 in 2008). Also, 3 licences were issued to functionaries (agents, brokers, managers, etc.) and 42 renewed (total number 45, compared to 43 in 2008).
The Legal and International Cooperation statistics shows that the number of international co-operation requests (formal and informal) was 43 in the third quarter of 2009; there were 39 enforcement matters and 11 advisory warnings issued.
Further information and statistics in the spheres of legal and international co-operation, on-site compliance inspections and matters supervised by the Licensing and Supervisory Committee (LSC) can be found on the BVI FSC home page.
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According to the Registry of Corporate Affairs, the number of business companies incorporated and registered in this period was 13,368 - higher than in the second quarter of 2009. Cumulative number of BVI BC's as of 30 September 2009 was 433,164. Total number of company incorporations for the first three quarters of 2009 decreased heavily compared to the same period of 2008 and especially of 2007. Also, the Registry reported that 10 Limited Partnerships were registered in Q3 2009, and the cumulative number of Limited Partnerships was 617.
In the sector of Banking and Fiduciary services the cumulative number of banking licences issued and/or renewed has not changed; generally, in the third quarter 2009 there were two newly licensed entities. Total number of licensed entities as of 30 September 2009 was 254.
The Financial Services Commission published the following financial results for the commercial banking sector in Quarter 3, 2009: total assets were US$2452mln, cash items were US$981mln, investments were US$2,7mln. Net income of commercial banks made US$45,8mln.
In Investment Business sector, total number of licences granted to functionaries (managers and administrators) in the third quarter of 2009 was 12, and the cumulative number of licences as of 30 September 2009 was 582; 54 licences were issued to mutual funds, and total number of mutual funds' licences was 2923.
According to the Insurance Sector statistics, in this period 3 licences were issued to insurers and 312 renewed (total number 315, compared to 364 in 2008). Also, 3 licences were issued to functionaries (agents, brokers, managers, etc.) and 42 renewed (total number 45, compared to 43 in 2008).
The Legal and International Cooperation statistics shows that the number of international co-operation requests (formal and informal) was 43 in the third quarter of 2009; there were 39 enforcement matters and 11 advisory warnings issued.
Further information and statistics in the spheres of legal and international co-operation, on-site compliance inspections and matters supervised by the Licensing and Supervisory Committee (LSC) can be found on the BVI FSC home page.
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Tuesday, January 5, 2010
BVI FSC Updates the Status of Reserve International Liquidity Fund
The BVI FSC issued the sixth public statement concerning the status of Reserve International Liquidity Fund Ltd. The first directive on the Fund was issued by the Commission in October 2008, upon receiving the complaints from investors and allegations that the Fund has improperly valued its bond holdings. It required from the Fund to suspend shares redemption and to pay redemption proceeds to the Fund investors.
On January 13 2009, the Commission amended the first directive to allow the fund to make interim payments of redemptions proceeds, with the prior written consent of the Commission. The first interim payment in the amount of US$1.875 billion was made on 30 January 2009 to investors who had submitted redemption requests on or before 26 January, 2009; the second amount of US$400 million was approved by the Commission and paid to shareholders in June 2009.
By the document issued on November 20, 2009, the BVI FSC approved the third interim payment of minimum US$200 million by the Fund through the proceeds of the redemption of shares.
According to the document, the approval is subject to receipt by the Commission of the following information: accounting validation of distributable amounts, confirmation of the balance on the shareholders' accounts prior to and post payment of the proceeds of shares redemption, confirmation of the payment to be made to each shareholder, and details of the remaining assets to be distributed.
Also, in accordance with the amendment to the first directive, no other payments of the proceeds of the redemption of shares will be made by the Fund without the Commission's prior written consent.
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On January 13 2009, the Commission amended the first directive to allow the fund to make interim payments of redemptions proceeds, with the prior written consent of the Commission. The first interim payment in the amount of US$1.875 billion was made on 30 January 2009 to investors who had submitted redemption requests on or before 26 January, 2009; the second amount of US$400 million was approved by the Commission and paid to shareholders in June 2009.
By the document issued on November 20, 2009, the BVI FSC approved the third interim payment of minimum US$200 million by the Fund through the proceeds of the redemption of shares.
According to the document, the approval is subject to receipt by the Commission of the following information: accounting validation of distributable amounts, confirmation of the balance on the shareholders' accounts prior to and post payment of the proceeds of shares redemption, confirmation of the payment to be made to each shareholder, and details of the remaining assets to be distributed.
Also, in accordance with the amendment to the first directive, no other payments of the proceeds of the redemption of shares will be made by the Fund without the Commission's prior written consent.
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Sunday, June 28, 2009
The Commission Issues Consultation Draft on Mutual Funds
On June 16, the British Virgin Islands Financial Services Commission has published Mutual Funds Regulations, 2009. This consultation draft document issued under the Securities and Investment Business Act, 2009, concerns private and professional funds, public funds, and their administration.
In the first part of the document, related to private and professional funds, the obligations on them are stated by the Commission, including directors, functionaries of private and professional fund, and investment warning; also, regulations and notifications on preparation and audit of financial statements for private and professional funds.
The second part of the document contains application for registration of public funds, content of prospectus of public fund,and other requirements for this type of mutual funds. The last part of the document is devoted to administration of the funds, and includes requirements for the registers. Schedule in the end of the document concerns information to be contained in Prospectus of a Public Fund in respect of the Manager, the Administrator, the Custodian, the Investment Adviser, the Director and other relevant persons of the fund.
Other points of the Schedule are the Constitution and Objectives of the fund, the Characteristics of Fund Interests in the fund, Valuation of fund property and fund interests, fees, distribution of income, issue and redemption of fund interests, some general and additional information.
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In the first part of the document, related to private and professional funds, the obligations on them are stated by the Commission, including directors, functionaries of private and professional fund, and investment warning; also, regulations and notifications on preparation and audit of financial statements for private and professional funds.
The second part of the document contains application for registration of public funds, content of prospectus of public fund,and other requirements for this type of mutual funds. The last part of the document is devoted to administration of the funds, and includes requirements for the registers. Schedule in the end of the document concerns information to be contained in Prospectus of a Public Fund in respect of the Manager, the Administrator, the Custodian, the Investment Adviser, the Director and other relevant persons of the fund.
Other points of the Schedule are the Constitution and Objectives of the fund, the Characteristics of Fund Interests in the fund, Valuation of fund property and fund interests, fees, distribution of income, issue and redemption of fund interests, some general and additional information.
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Tuesday, May 5, 2009
Public Announcement Issued by the Commission on Stanford Fund
Recently two public statements were published by the BVI FSC, concerning Stanford International Management Limited (Licensee) and International Fixed Income Stanford Fund Limited. The statements issued by the Commission on these two companies belonging to the Stanford Group, followed a directive issued on 3 March 2009 by the Commission to the BVI-registered Fund and to the Licensee.
The directive issued to the Stanford company required, until further notice of the Commission, to suspend all activities relating to the management of assets of the Stanford Fund, and all activities relating to the management of assets of any mutual fund or other entity for which the Licensee provides management services; and to provide reports to the BVI FSC concerning total assets under management of the company, fees earned or charged to the Licensee for any kinds of activities, and the details of all litigation involving or affecting the Licensee.
The directive issued to the Stanford Fund required it, until further notice of the Commission, to suspend the subscription of shares by new and existing investors, redemption of shares by investors, and the payment of the proceeds of the redemption of shares. Also, the Fund was obliged by the Commission to submit reports on the details of its total assets, number of investors, and details of investments in the Fund, as well as details of all litigation involving or affecting it.
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The directive issued to the Stanford company required, until further notice of the Commission, to suspend all activities relating to the management of assets of the Stanford Fund, and all activities relating to the management of assets of any mutual fund or other entity for which the Licensee provides management services; and to provide reports to the BVI FSC concerning total assets under management of the company, fees earned or charged to the Licensee for any kinds of activities, and the details of all litigation involving or affecting the Licensee.
The directive issued to the Stanford Fund required it, until further notice of the Commission, to suspend the subscription of shares by new and existing investors, redemption of shares by investors, and the payment of the proceeds of the redemption of shares. Also, the Fund was obliged by the Commission to submit reports on the details of its total assets, number of investors, and details of investments in the Fund, as well as details of all litigation involving or affecting it.
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Thursday, January 22, 2009
BVI FSC Makes New Public Announcement on Reserve International Liquidity Fund
The new announcement published by the BVI FSC has the purpose to inform public on the changes in the status of the BVI-domiciled Reserve International Liquidity Fund Ltd.
Along with the new Directive, the Commission named all the actions taken and correspondence submitted by the Fund which led to the new resolution. The amendments are added to its previous enforcement directive against the Reserve Fund, issued in October 2008, which required from the Fund to take some actions in connection with ongoing litigation involving the Fund and initiated by its investors. In November 2008, the Fund submitted a draft Plan of Liquidation and Distribution of Assets to the Commission. A month later, the Commission conducted a detailed review of the proposals and sent its requirements to the Fund. In its response on 8 December 2008, the Fund addressed some FSC requirements, but failed to address most essential issues.
On 31 December 2008, the BVI Fund submitted an amended proposal for the payment of the proceeds of the redemption of shares, where proposed to amend its Articles of Association to permit the Fund to make interim payments as partial payment of redemption requests of its investors, and expected to make the first payment of approximately $1.6 billion.
By the Amended Directive, published on January 13, 2009, the Commission removed the suspension on shares redemption and the payment of redemption proceeds to the Fund investors. In accordance with this resolution, the BVI Fund will be able to make an interim payment of the proceeds of redemption of shares, in accordance with its proposal submitted on 31 December. The Commission also directed that, following the first interim payment of redemptions proceeds, no further payments should be made without the Commission's prior written consent.
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Along with the new Directive, the Commission named all the actions taken and correspondence submitted by the Fund which led to the new resolution. The amendments are added to its previous enforcement directive against the Reserve Fund, issued in October 2008, which required from the Fund to take some actions in connection with ongoing litigation involving the Fund and initiated by its investors. In November 2008, the Fund submitted a draft Plan of Liquidation and Distribution of Assets to the Commission. A month later, the Commission conducted a detailed review of the proposals and sent its requirements to the Fund. In its response on 8 December 2008, the Fund addressed some FSC requirements, but failed to address most essential issues.
On 31 December 2008, the BVI Fund submitted an amended proposal for the payment of the proceeds of the redemption of shares, where proposed to amend its Articles of Association to permit the Fund to make interim payments as partial payment of redemption requests of its investors, and expected to make the first payment of approximately $1.6 billion.
By the Amended Directive, published on January 13, 2009, the Commission removed the suspension on shares redemption and the payment of redemption proceeds to the Fund investors. In accordance with this resolution, the BVI Fund will be able to make an interim payment of the proceeds of redemption of shares, in accordance with its proposal submitted on 31 December. The Commission also directed that, following the first interim payment of redemptions proceeds, no further payments should be made without the Commission's prior written consent.
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