On 3 December 2020, the BVI Financial Services Commission (the BVI FSC) entered into a statement of cooperation (SoC) with the Abu Dhabi Global Market Registration Authority (the ADGM). The BVI FSC and the ADGM, in recognition of the increasingly international and cross-border nature of business, wish to facilitate the development of broader and closer cooperation between the two jurisdictions in a mutually beneficially manner.
The objective of the SoC is to attain the following goals:
- Mutual understanding of the legislative, procedural and information technology frameworks in their respective jurisdictions in the area of registering companies and other legal entities
- The provision of mutual assistance, subject to the laws of each respective jurisdiction, necessary to facilitate the performance of the functions with which each competent authority is entrusted within its respective jurisdiction
- The provision of mutual training and secondment opportunities for the staff of each competent authority
- The exchange of information on public events taking place in their respective jurisdictions with relevance to the operations of a registry
- Assistance in welcoming delegations from other jurisdiction with an interest in a competent authority’s operations and functions
- Understanding the development of, and sharing, “best practice” to assist each competent authority to continuously improve the efficiency and effectiveness of the delivery of their functions
- The exchange of views between the competent matters of common interest such as the development of international standards impacting on registries and trends in the development of registries’ services and operations
A copy of the SoC can be found here.