Public Statement 25 of 2021 - EFRA EUROPEAN FINANCIAL REGULATOR (FINANCIAL REGULATOR of the BRITISH VIRGIN ISLANDS)

PUBLIC STATEMENT

EFRA EUROPEAN FINANCIAL REGULATOR (FINANCIAL REGULATOR of the BRITISH VIRGIN ISLANDS)

Tortola, British Virgin Islands (BVI) - 1st October 2021 -The British Virgin Islands Financial Services Commission (the "FSC") considers it necessary to issue this Public Statement in order to protect persons whom EFRA may have contacted, EUROPEAN FINANCIAL REGULATOR (FINANCIAL REGULATOR of the BRITISH VIRGIN ISLANDS) ("EFRA") and to make the general public aware that EFRA  is circulating a letter in which it is falsely purporting to be the BVI financial services regulatory authority and to have reached a supervisory decision requiring a Compensation Fund to reserve payment of compensation to an investor who has suffered financial loss. The letter purports to be signed "Daniel Friedman, Chairman of the Supervisory Board". The public is advised that the FSC is the sole financial services regulatory authority in the BVI, EFRA is not a public body or other authority in the BVI, and Daniel Friedman is not an employee or officer of the FSC.

The FSC also would like to inform the general public that EFRA appears to be utilizing the same logo and making similar false claims as were previously made by BRITISH VIRGIN ISLANDS FINANCIAL REGULATOR. The FSC previously issued a Public Statement warning the public that this entity was also falsely purporting to be the financial services regulatory authority in the BVI. 

The details are:

EFRA is falsely purporting to be the financial services regulatory authority in the BVI for the purpose of making supervisory decisions concerning compensation payments to investors who have suffered financial loss.  The FSC hereby informs the public that EFRA is not a BVI financial services regulatory authority and has no standing to make any supervisory or other decisions in respect of BVI firms or entities. 

Members of the public are advised to exercise extreme caution if contacted by EFRA or by any entity purporting to be conducting financial services regulatory business in the BVI.  The public is strongly cautioned against opening any email or attachments received from EFRA as these may contain viruses, and in no circumstances should persons disclose their banking information or engage in any communications with EFRA.  The public is invited to provide the FSC with any relevant information on any questionable entities which are purportedly operating in or from within the BVI and on any improper activities engaged in by such entities.

The FSC has issued this Public Statement pursuant to Section 37A of the  Financial Services Commission Act, 2001.