British Virgin Islands Financial Services Commission to Hand Over Financial Services Text to H.Lavity Stoutt Community College - Press Release No. 1 of 2014

Tortola, British Virgin Islands – 7 October, 2014 – In keeping with its public education mandate, the British Virgin Islands Financial Services Commission (FSC) is pleased to announce the handover of its jointly commissioned textbook on financial services to the H. Lavity Stoutt Community College (HLSCC).  The text entitled, “Offshore Financial Services: A BVI Text” was written by Caymanian author Paul Byles and will be formally handed over to the Financial Services Institute (FSI) at HLSCC in a ceremony on Thursday, 9 October at the Eileene L. Parsons Auditorium at HLSCC at 3:00 p.m. 

Managing Director/CEO of the FSC, Mr. Robert A. Mathavious, in explaining the rationale behind the text said, “The FSC commissioned this textbook in collaboration with the FSI at HLSCC, and in direct consultation with the industry to better educate the public and raise competencies in one of the BVI’s pillar industries.  It explains the world of international financial services and the role of the BVI’s financial services industry in the global economy.”

Mathavious added that, “The FSC is pleased to officially hand over this text to the FSI at HLSCC to be used as a tool for educating on the financial services industry.”

The text will serve as a comprehensive roadmap, for students at the FSI, in understanding the Territory’s financial services products and the global economy in which we operate.  It features an introduction to offshore financial services, an overview of the BVI economy, the regulatory framework, financial crime and taxation as well as specific chapters dedicated to each of the Territory’s financial products, namely: Company Incorporation, Captive Insurance, Investment Business, Banking, Trusts and Securitisation.

According to President of HLSCC, Dr. Karl Dawson, “In order to develop persons for customised service; customised learning resources must be available.  The text “Offshore Financial Services: A BVI Text” takes into account the global financial services setting while ensuring attention to local details.  The College is truly appreciative of this effort by the Financial Services Commission.”

Dr. Dawson’s sentiments have been echoed by newly appointed Director of the FSI at HLSCC, Mr. Raja Krishnan who commented that, "The greatest benefit is that this book will be used as the base text for the Virgin Islands-centric programme currently being developed by the Institute.  We will be redeveloping the Institute to offer a greater range of international programmes for students and stakeholders in the industry, and this will ensure that our students and the local stakeholders will strengthen their positions as the leaders in their fields.”

The handover ceremony on Thursday will feature remarks from Premier and Minister of Finance, Dr. the Hon. D. Orlando Smith, Minister for Education and Culture, Hon. Myron V. Walwyn, Managing Director/CEO of the FSC, Mr. Robert A. Mathavious and President of HLSCC, Dr. Karl Dawson.  Chairman of the Board of Governors of HLSCC, Dr. Charles Wheatley, will accept the text on behalf of the FSI.

At the ceremony, texts will also be formally handed over to the Territory’s Public Library Department.

The general public is invited to join with the FSC and HLSCC at the book handover ceremony and persons are encouraged to purchase a copy of the text, “Offshore Financial Services: A BVI Text which will be on sale immediately after.

About the British Virgin Islands Financial Services Commission

The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory. 

The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

For further information, please contact:

Corporate Communications

BVI Financial Services Commission

Pasea Estate, Tortola, British Virgin Islands

Tel:     (284) 494-4190

Fax:     (284) 494-5016

Email:  [email protected]

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