BVI Finance This Week 17/7/20

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BVI Finance This Week 17/7/20

07/20/2020 09:59:00 AM

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FRIDAY 17 JULY, 2020

BVI BENEFICIAL OWNERSHIP SECURE SEARCH SYSTEM IS BEST-IN-CLASS

The Beneficial Ownership Secure Search system (BOSSs) continues to place the BVI on the cutting edge of beneficial ownership information exchange with the capability of responding to requests in real time.

In updating the Territory on the financial services industry on 14^th July, Premier and Minister of Finance, Honourable Andrew A. Fahie said that utilising the BOSS system platform has enabled the BVI to also rise to meet European Union standards on data collection with an efficiency and effectiveness that some of our competitors may envy. Premier Fahie expressed that the Government of the Virgin Islands wrote to the UK Government last week reiterating the Territory’s continued commitment to the exchange of beneficial ownership information with the UK under the Exchange of Notes on Beneficial Ownership signed in 2016.

Pictured: Premier and Minister of Finance, Hon. Andrew A. Fahie

Premier Fahie said: “The Government of the Virgin Islands continues to be very pleased that UK law enforcement, including the National Crime Agency, continues to find this arrangement effective. The Virgin Islands, in this regard, communicated that this jurisdiction has been deemed largely compliant by the Financial Action Task Force.” He further stated: “Beneficial Ownership information in the system will also be available to other authorities in the Virgin Islands to ensure that they are able to meet their international obligations. Importantly, the system will not be accessible by the public.”

He explained that the Government took the opportunity in the letter to highlight that the BVI continues to meet and adhere to the highest international standards as a responsible, cooperative and quality international financial centre.

You can read the full article, here. To view the Premier's statement to the financial services industry, click here.

BVI FINANCE CEO TALKS FINANCIAL SERVICES WITH THE BIG STORY

FSC ISSUES GUIDANCE ON REGULATION OF VIRTUAL ASSETS IN THE BVI

Earlier this week, the BVI’s Financial Services Commission (FSC) published its guidance on the Regulation of Virtual Assets in the BVI.

The FSC recognises that there has been some uncertainty throughout the world as it relates to whether the existing regulatory landscape captures virtual asset-related activities and that regulatory responses are not harmonised across jurisdictions. The Commission, through the issuance of the Regulation of Virtual Assets in the Virgin Islands Guidance, seeks to clarify the Territory’s position.

The guidance provides clarity on the applicability of existing legislation to virtual asset related activities. Persons engaged in these activities are asked to review the guidance and ensure they adhere to the FSC’s position on the activities within its regulatory remit. This will thereby safeguard against any violation of financial services laws relating to use of or trading in virtual assets in or from within the Territory.

You can download/view the guidance, here.

SAVE THE DATE FOR FORUM ON THE SANDBOX INITIATIVE

In June, the Cabinet of the Virgin Islands, acting on the advice of the Financial Services Commission, gazetted the Financial Services (Regulatory Sandbox) Regulations, 2020 along with the fees schedule. On 30^th July, BVI Finance will host a forum to discuss the Act with experts from the Financial Services Commission. Speakers will be announced in shortly!

Financial Services (Regulatory Sandbox) Regulations, 2020

Financial Services (Fees) (Amendment) Regulations, 2020

REGISTER TODAY FOR UPCOMING EVENTS

HOW THE EU CAN LEAD THE WAY TO SUSTAINABLE RECOVERY, BEYOND COVID-19

Policymakers and economic stakeholders have the opportunity to reimagine Europe’s future by making the right choices now. It is broadly understood that business and government must find new common ground to generate transformed, innovative and resilient growth. In the midst of the COVID-19 crisis, we are at an important inflection point in the history of the EU. We now have the ideal opportunity to push the reset button on economic development.

The European Commission reacted immediately to the COVID-19 outbreak with a focus on upholding its goals for high living standards for its citizens, protection of human rights and the environment, as well as quality of welfare. European Commission President Ursula von Der Leyen has led an innovative and strong response to the COVID-19 crisis with a set of unprecedented crisis responses:

In addition to national programs launched by the EU Member States, the European Commission recently launched Next Generation EU, a unique recovery instrument, aimed at ensuring that the recovery is sustainable and inclusive for all Member States
With the Coronavirus Global Response, the worldwide pledging marathon, Europe has demonstrated its ability to drive global efforts to respond to the crisis.

7 SUCCESSFUL BATTLE STRATEGIES TO BEAT COVID-19

Drawing on lessons from the battlefield is common practice for business leaders seeking tested strategies to succeed against adversity. Today, the battle against COVID-19, an invisible enemy, feels to many observers like a military engagement.

To aid the fight against COVID-19, Forbes contributor Euvin Naidoo lists seven key frameworks and approaches with roots in military strategy that are taught in leading Agile and strategy programs. They can help your organization adapt quickly and decisively by enabling teams to continuously update plans and actions against rapidly shifting challenges. Read more about the seven key approaches, here.