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British Virgin Islands – Regulatory Update

On 11 February 2021, the British Virgin Islands Financial Services Commission (the “Commission”) published the Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 (the “Order”). The Order came into effect on 15 February 2021. Pursuant to the provisions of the Order, the obligations of regulated persons under the Financial Services (Prudential and Statistical Returns) Order 2009 (the “Principal Order”) to file statistical or prudential returns with the Commission have been amended significantly, creating additional reporting obligations for British Virgin Islands (“BVI”) entities that are authorised, licensed, registered or recognised under relevant BVI financial services legislation. The Order has also introduced a new obligation on regulated persons to file an annual anti-money laundering/countering the financing of terrorism return (the “AML Return”) with the Commission.

Who is Caught?

The amended reporting obligations under the Order in respect of annual or quarterly prudential and statistical returns (the “PS Returns”) apply to the following regulated persons:

  • persons recognised or registered as Private Funds, Professional Funds, Public Funds and Recognised Foreign Funds pursuant to the Securities and Investment Business Act 2010 (“SIBA”)(collectively, “Mutual Fund Licensees”)
  • holders of:
    • Category A, Category B, Category C, Category D, Category E or Category F insurance licence issued pursuant to section 8(2) of the Insurance Act 2008 (the “Insurance Act”); or
    • an insurance intermediary’s licence or insurance manager’s licence pursuant to section 40(2) of the Insurance Act (collectively, “Insurance Licensees”)
  • a holder of an investment business licence issued pursuant to section 6(2) of SIBA (collectively, “Investment Business Licensees”)

 

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British Virgin Islands – Regulatory Update

 


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands   +1 284 852 1100


Nicholas Kuria
Counsel

British Virgin Islands   +1 284 852 1129


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