BVI FSC Newsletter: December 2023

Tuesday, 19 December, 2023

BVI FSC Hosts Stakeholder Meetings in Hong Kong 9-13 October 2023

The BVI Financial Services Commission (the Commission or BVI FSC) recently embarked on a mission to engage its local and international stakeholders in face-to-face dialogue regarding the BVI’s evolving regulatory regime, legislative landscape, and other trending market issues. The campaign commenced with the hosting of a Meet the Regulator Forum on 3 October 2023 in Tortola, BVI, and continued with a week-long visit to Hong Kong from 9 to 13 October 2023. The Hong Kong delegation was led by Managing Director and CEO Mr Kenneth Baker and also consisted of the Director of Registry of Corporate Affairs - Mrs Myrna Herbert, and Director of Policy Development and External Relations - Mr Cherno Jallow, KC. They were joined on the ground in Hong Kong by Director/Asia Representative - Mr Shane Baptiste.

During the Hong Kong visit, the delegation met with key industry executives, institutions, advocates and users of BVI financial services products operating in the Asia Pacific region.

The week culminated with an exclusive networking event, a Meet-and-Greet Cocktail Reception hosted by the Commission. The Cocktail was attended by almost 100 industry-adjacent personnel, each of whom descended upon the luxurious Grand Hyatt Hotel & Resort on 10 October 2023 for the event. Attendees relished the opportunity to communicate directly with senior Commission officials and to convey their concerns and compliments firsthand.

On his return to BVI, Mr Baker expressed ‘The Asia Pacific region holds great significance for BVI financial services, and this recognised value dates back decades. This trip was a gesture that my team and I hope will solidify in the minds of our stakeholders, both our commitment to the region and our eagerness for continued dialogue and the building of mutually beneficial connections. I cannot overstate what a pleasure it was for us to be able to attend to our stakeholders personally.’ The mission marked over six years since Commission officials had been able to engage clients in the Region on a face-to-face basis. Mr Baker noted that he intended to root for more frequent visits to the Region, citing the importance of continuing to strengthen the partnership between the Commission and the industry players.

For more information about the services available through the Hong Kong office, persons should email [email protected].

_{Hong Kong Executive Visit - From the BVI FSC (HK) Limited, left to right: Operations Manager - Connie Chan, Administrative Assistant - Kaprice Lo, Director/Asia Representative - Shane Baptiste, Dir. Registry of Corporate Affairs - Myrna Herbert, Dir. Policy Development and External Relations - Cherno Jallow KC, MD/CEO, BVI FSC - Kenneth Baker

Photo Credit: Lusher Photography}

BVI FSC to Host Regional Conferences in 2024

The 41st Annual Conference of the Caribbean Group of Banking Supervisors (CGBS) is set to take place in the Virgin Islands in the first half of 2024. For the first time in 18 years, the Commission announced its role as the host for this event, underscoring its commitment to advancing financial stability and regulatory cooperation in the region.

The Commission is also expected to host the Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas Plenary Meeting from 17 to 18 June 2024. This follows the appointment of the Commission’s Managing Director and CEO Kenneth Baker to serve a two-year term as non-FSB co-chair for the RCG Americas on 1 July 2023.

The Commission will also host the Group International Finance Centre Supervisors (GIFCS) Plenary from 13 to 14 November 2024. This will be the first time the BVI will host this Plenary since being admitted as a member in 2008.

MMBVI to Announce Launch of 2024 Piggy Bank Pageant

At the turn of the year (2024), the Commission, through its financial literacy arm – MONEY MATTERS BVI, will launch the fourth annual Piggy Bank Pageant (PBP) – a competition that continues to be open to students across the Territory in grades kindergarten to 6.

As with previous years, the PBP has garnered approval from each of the local retail banks as an initiative which closely aligns with their goal to promote saving, inform of safe mechanisms for saving deposits, and encourage proper money management in the Territory. The unique student creations will be judged by bank officers, and the prizes will also be funded by the banks.

The competition generates interest from hundreds of students each year, many of whom submit entries.

PBP entries will go on display during Financial Literacy Month (April 2024) as part of the MMBVI Piggy Bank Exhibition.

For more information, monitor the MMBVI Facebook page - @moneymattersbvi.

Intellectual Property: A Buy BVI Trade Show Recap

On 27-28 October, the Commission's financial literacy programme, MONEY MATTERS BVI (MMBVI), touted the availability and benefits of trademark registration at the 2023 Buy BVI Trade Expo. Representatives from the Office of Trade Marks, Patents & Copyright were on hand to answer questions from the public and to explain this Commission function.

MMBVI coupled the Expo exhibition display with the launch of a brochure titled 'Trade Mark Fundamentals'. The brochure was used as a springboard to whet Expo goers' appetites, encourage further enquiries on the topic, and dispel misconceptions on the topic, which was new to many.

The Commission's booth was a crowd favourite with its interactive display of (a) a flour mix depicting the fictitious product – 'Quick Quick Johnny Cake' consisting of a larger-than-life packaging display that highlighted trademarkable elements and (b) a dynamic promotional video which also showcased registrable trade mark elements and delivered a call to action.

Since the Expo, Assistant Registrar Isha Hodge reported that the Trade Marks Office has received a noticeable increase in enquiries about registration. She further commented that the initiative served to dispel the common confusion that trade mark registration was somehow related to the trade licence process.

The Commission plans to leverage the success derived from the Expo by continuing its public awareness campaign on Trade Marks.

For more information about the registration of Trade Marks, interested persons can contact the Commission's Office of Trade Marks, Patents & Copyright at 284-494-4190.

BVI FSC Contributes to Regional World Investor Week Showcase

The IFIE Americas Chapter Caribbean Working Group (CWG), which stemmed from discussions that followed a 2014 Organisation for Economic Co-operation and Development (OECD) International Forum for Investor Education (IFIE) – IOSCO Global Investor Education Conference titled ‘Applying Theory to Action – Implementing Financial Capability/Investor Education (FC/IE) Best Practices and Lessons Learned’, continues to work to encourage best practices in implementing financial capability and investor education best practices. The IFIE CWG, which the Commission is part of, continues to work together to focus on implementing various initiatives in the region and find ways to collaborate to deliver sustainable FC/IE programs.

This year’s IFIE CWG collaboration focused on reviewing financial capability, resilience, investor education programs, and strategies against needs coming out of the COVID-19 pandemic. This included exploring initiatives to serve emerging audiences in member constituencies and other work in furtherance of the goals and mission. To bring clarity to the work of IFIE CWG, they collaborated to issue a Showcase document that zeroed in on the work of members as part of IOSCO’s World Investor Week 2023. The Showcase, in which the Commission is also featured, highlighted continued regional efforts to promote financial literacy among young people.

The Commission, via MONEY MATTERS BVI, continues to inform audiences in the Territory on issues impacting financial awareness, financial capability, and the importance of taking early steps in support of the achievement of long-term financial goals.

Queries regarding this article should be raised with MONEY MATTERS BVI at 284 852 4777 or [email protected].

Successful MTR Forum Leaves Attendees Eager for More

In the September 2023 issue of the FSC Newsletter, the Commission reported on the success of its Meet the Regulator (MTR) Forum, which was held on 3 October 2023 and attended by nearly 300 industry practitioners and associated personnel. Since then, the Commission has received feedback on the Forum, which it is now happy to share with readers.

The post-event survey revealed that over 90% of attendees intended to attend future MTR Forums. An overwhelming majority also conveyed their satisfaction with the Forum, citing appreciation for the diverse topics, smooth check-in process, ideal Forum duration, quality refreshments, and excellent amenities at the Eileene L. Parsons Auditorium.

One respondent stated that ‘The opportunity for open questions and dialogue was good and the presentations [were] of [a] very high calibre’, while another remarked: ‘Ms Gumbs and Mrs Blaize were absolutely phenomenal in their presentations….’ Other attendees took to social media to express their delight with the MTR.

Presenter slides have also since been made available to the public via the Commission website, which can be accessed here.

New Official Receiver Appointed

The public is asked to take note that, following the passing of the Insolvency (Amendment) Act, 2022 which transferred the Office of the Official Receiver from the Commission to the Government of the Virgin Islands (the Government). On 9 November 2023, the Government appointed Ms Rasheda Karryl Hodge as Official Receiver with retroactive effect from 1 July 2023.

PUBLIC STATEMENTS

The BVI Financial Services Commission considered it necessary to issue the following Public Statements during the last quarter of 2023 to protect customers, creditors, or persons who may have been solicited to conduct business with purported financial services entities.

The public is advised to exercise caution when conducting business with the following:

All Commission-issued public statements can be found here.

2024 Annual Fees - Due Dates for All Regulated Entities

The Commission is reminding all regulated entities that 2024 annual licence fees are due and payable as indicated below.

The Commission is also reminding regulated entities that most annual fees have increased effective 1 April 2023. A fee is deemed not to have been paid until it is paid in full, therefore, entities should refer to the Financial Services (Fees) (Amendment) Regulations, 2023, to ensure that the correct fees are submitted.

Note:

The Commission may impose a late payment penalty where payment is made after the due date pursuant to the Financial Services (Administrative Penalties) Regulations.
If a due date falls on a holiday or weekend, the Commission will accept fees on the next business day without enforcing any penalties.

BVI FSC Holiday Hours of Operation

The public is asked to note the following upcoming public holidays in BVI and Hong Kong. During these times, the Commission's BVI office and Asia Representative Office will be closed for business: