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 firstname.lastname@example.org.