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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

BVI FSC publishes presentations from Meet The Regulator

On 18 July 2019, the BVI Financial Services Commission (the Commission) published the “Meet The Regulator” presentations, providing information and guidance on numerous speeches and lectures.

The presentations covered the following topics:

Today is the future – Presenter Jennifer Potter-Questelles

The main thrust of this presentation was that “Today, the BVI financial services industry is changing and has changed and today is the future”. The presentation indicates that the Commission strives to be prepared for the future and is constantly forward looking so that it is always one step ahead. From the Commission’s perspective, the changes looming for the industry must be viewed through the lens of opportunity.

Nevertheless, the Commission still believes that a reliable and effective regulatory environment is paramount and the objective is to preside over a regulatory regime that is fair and transparent, meets international scrutiny and one that the licensed community is compliant with.

The presentation can be found here.

A guide to BVI’s FinTech regulatory sandbox – Presenter Kishelle Blaize-Cameron

This presentation highlighted the main objectives of the sandbox which are: aligning regulation and responsible innovation; providing a defined test environment; developing a tailored and focused supervisory framework; protecting market participants; and encouraging the generation of new business models within the jurisdictions. The applicants for sandbox participation can be a BVI business company; a foreign company; a limited partnership; a micro business company; or existing licensees wishing to test a different type of business activity within the sandbox.

Sandbox participants will have ongoing obligations including maintaining adequate and transparent records, risk management policies and controls and to ensure an independent review of IT systems. Certain regulatory legislation including certain provisions of the regulatory code will not apply to sandbox participants.

The applications must be made through the sandbox portal and will begin during Q4 of 2019.

The presentation can be found here.

Mutual funds annual returns – Presenters Janay Waters and Chelcy Forbes

The Commission noted in this presentation that the purpose of the Financial Services Prudential legislation is mainly for the collection of data to allow strategic planning of the financial services in the BVI. The Commission has upgraded its platform for filing Mutual Funds Annual Returns (MFARs). The upgraded MFAR platform is now available at returns.bvifsc.vg and facilitates a more user-friendly and efficient filing experience.

In the event of a non-submission of any MFAR, a penalty fee is imposed and fees will continue to increase until submission is made. If filed incorrectly, the mutual fund has 5 days to correct the submission.

The presentation can be found here.

Electronic verification – Presenter Kenneth Baker

This presentation focused on the amendment to the AML Regime in 2018 concerning the verification of KYC. Most noticeably in the legislation are verifications of non-face-to-face clients and the various verification options available for such persons including verification using a valid passport or other government issues identification or through confirmation of their residential addresses.

The reasons for amendments to the AML regime is to improve accuracy of screening, avoid over screening, reduce the volume of paper records, and decrease the cost of compliance, as well as to provide a gateway for digital solutions. Amendment to s23(6A & 6B) permits the reliance on electronic or digital means for verification, provided the organisation is independently operated and transparent. The new requirements regarding certified documents are significantly less than the previous requirements.

The presentation can be found here.