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Regulatory Blog

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BVI FSC reminds industry on sanctions obligations
On 2 May 2022, the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) issued joint industry Circular No. 2, reminding entities licenced or otherwise authorised or approved to carry on business in and from within the BVI (the Relevant Entities), that as an Overseas Territory, the BVI is required to comply with all sanctions issued by the United Kingdom extended to it by way of the relevant Overseas Territories Sanctions Orders.
BVI Finance announces Fusang Exchange’s admission to the BVI list of recognised exchanges
On 15 February 2022, BVI Finance published an announcement that the Fusang Exchange, a fully regulated end-to-end digital securities exchange in Asia has been included to the list of BVI recognised exchanges.
Prudential and Statistical filing deadlines for BVI Licensees
The BVI Licensees specified in the link below are required to file prudential and statistical information to the Financial Services Commission annually. These Licensees are encouraged to pay attention to the reporting deadlines under the regime in order to avoid penalties. For example, certain types of licensees must file by 31 March 2022. These Licensees are also required to complete an annual return specific to the category of licence they hold, together with an Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Return.
BVI regulator reminds the industry about consolidated financial regulations and acts
The BVI Financial Services Commission has, throughout January, been publicising the BVI Government’s new suite of recently published consolidations of a number of key revised financial services Acts and Regulations.
BVI FSC expands list of Recognised Exchanges
The BVI Financial Services Commission (FSC) has updated its Regulatory Code (Recognised Exchanges) to include Fusang Exchange Ltd to the recognised exchanges list.
Considerations on regulatory inspections in BVI and Cayman
Regulatory inspections have become increasingly important in ensuring that there is an ecosystem for managed growth of businesses in the global financial services industry.
BVI enhances registered agent whistle-blower requirements
Section 54A of the BVI Financial Services Commission Act (the FSC Act) has been amended, under the terms of the Financial Services Commission (Amendment) Act 2021, to enhance whistle-blower requirements on BVI registered agents and similar BVI-based functionaries (collectively BVI agents).
Recent BVI legislation brought into force
On 9 July 2021, the BVI Government published proclamations in the Gazette bringing the following pieces of legislation into force:
BVI Regulatory Code 2009 and Regulatory Insurance Code of Conduct now in force
The amendments to the Regulatory Code 2009 and the Regulatory (Insurance Code of Conduct) Code 2021 are in force as of 6 July 2021.
BVI suite of e-legislation brought into force
The proclamations bringing into force the Data Protection Act 2021, the Electronic Filing Act 2021, the Electronic Transaction Act 2021, and the Electronic Transfer of Funds Act 2021 were published in the Gazette on 9 July 2021. All of these pieces of legislation are now in force.
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