Regulatory

Blog

Regulatory

Contributors

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
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • 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

  • Consultant
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

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

  • Group General Counsel
  • Cayman Islands

Important changes to the prudential reporting regime for BVI licensees

The BVI Financial Services Commission (FSC) has overhauled the prudential reporting regime for licensed entities with effect from 15 February 2021. The changes are far-reaching and must be taken note of by directors and other senior managers. Particular attention should be paid to the deadlines relevant to each type of return.

The changes are contained in the Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 (Order) which was Gazetted at short notice on 11 February 2021 and brought into force on 15 February 2021. A copy of the Order is available here.

The Order substantially changes the way that BVI licensed entities prepare their annual prudential and statistical return. The Order enhances the type of information that each licensed entity will need to provide, depending on the type of licence held.  It also creates returns for the first time for non-fund entities licensed under the Securities and Investment Business Act (SIBA) and those authorised under the Insurance Act.

See our summary here which outlines what licensed entities need to do, together with the applicable administrative penalties regime.

Specific guidance on preparing and submitting the AML/CFT Return can be found here.

How can Harneys help?

Should you require any guidance with completing or filing the returns, please reach out to your usual Harneys contact or bvifundservices@harneys.com.