BVI FSC Concludes International Regulatory Forums

BVI FSC CONCLUDES INTERNATIONAL REGULATORY FORUMS

Tortola, British Virgin Islands – The BVI Financial Services Commission (the Commission) has successfully concluded two recently hosted international regulatory forums:  the Meet the Regulator Forum (the Forum) in Hong Kong and the BVI Financial Services Round Table (the Round Table meeting) in London.

As with the recent Forum in Tortola, the headline topic for both international events was the new beneficial ownership (BO) regime, where the Commission explained its responsibility to receive and maintain adequate, accurate, and up-to-date BO information; a duty which is being executed through the Commission’s Registry of Corporate Affairs Division. The central themes of the Forum and the Round Table meeting discussions were data transparency, operational efficiency and regulatory compliance. 

Meet the Regulator Forum – Hong Kong
The Hopewell Hotel in Wanchai, Hong Kong was bustling on 16 January 2025, as 120 stakeholders from the Asia-Pacific region converged on the Pearl Pavillion conference room to participate in an interactive Regulator-stakeholder Forum. Commission delegates delivered highly anticipated presentations on the new BO filing obligations to guests from China, Taiwan, Singapore, Hong Kong, and other Asia-Pacific localities.  

Managing Director and CEO Mr Kenneth Baker greeted participants, reminding them of his October 2023 commitment to strengthening Commission ties with the region, a promise which he said had been firmly delivered upon, with the Forum representing the fourth such Commission face-to-face interaction in the region, since his initial statement. Mr Baker further identified the visit as a means of gathering vital input on the financial services legislative framework. He stated, “Hong Kong … [is] a vital hub for our global financial services network.”  He continued, noting that the Commission was committed to consultation in Hong Kong and other financial hubs like London, Singapore, China, and Panama since “seeking input from global partners as we refine the legislative framework … reinforces a crucial truth:  effective regulation is built on collaboration, and collaboration thrives on trust, transparency, and inclusivity”.

Other executives making up the delegation included Deputy Managing Director for Operations – Mr Brodrick Penn, who spoke on the background and rationale for the BO regime, how the regime was being operationalised, and implementation timelines. Deputy Managing Director for Regulation – Mr Glenford Malone, who discussed legislative changes and the importance of industry players familiarising themselves with the new requirements, many of which took effect on 2 January 2025. Commission Senior Application Developer – Ms Siyeeda Brewley helped to round off the delegation with her presentation on transactions and filings. Asia staffer in Hong Kong, Director - Asia Representative, BVI FSC (HK) Ltd., Mr Shane Baptiste chaired the Forum and delivered the presentation recaps, also reinforcing that the Forum represented strategic achievement as relates enhanced visibility, deeper industry engagement and strengthened regional presence. 

Forum participants expressed appreciation for the clarity and relevance of the presentations, and for the Commission’s efforts to ensure that stakeholders were provided with the necessary guidance on compliance expectations. Attendees further thanked the Commission for the live demonstrations on the functionality of the BO platform, which equipped them with greater confidence regarding the expected use. During the Forum, attendees also sought and received clarity and guidance on the regime and its implementation. 

One-on-One Meetings – Hong Kong
During the delegation’s Hong Kong visit, the Commission capitalised on the opportunity to conduct industry stakeholder outreach via closed meetings. A total of 18 separate meetings were held between 14 – 17 January 2025 with Trust and Corporate Services Providers (TCSPs), legal advocates, and family offices. According to Mr Baptiste, Director of the Asia Representative Office, the “sessions focused on addressing specific enquiries related to the Beneficial Ownership regime and other filing requirements as well as the future of the industry”. He further stated that during the meetings, the Commission was able to gather crucial information regarding growth opportunities in Asia and concerns and challenges being faced by representatives.

BVI Financial Services Round Table – London
Following the Hong Kong Forum and meetings, the delegation travelled to London for a BVI Financial Services Round Table meeting with over two dozen participants from the trust and corporate, and legal sectors. The Round Table meeting, was held on Monday, 20 January 2025 at JW Marriot’s Grosvenor House.

As with the Hong Kong MTR, during the Round Table meeting, Mr Penn (who chaired the event) addressed the BO platform functionality; Mr Malone discussed the recently implemented legislative changes, and Ms Brewley explained the various transaction types and filing logistics.

Managing Director Mr Baker emphasised the Commission’s commitment to supporting industry participants, inviting them to contact the Commission if guidance, clarification, or support became necessary.  

The Round Table meeting was met with the usual enthusiastic industry engagement, with attendees offering insightful feedback and also seeking clarity on issues like policy and implementation.   

About Us
The BVI Financial Services Commission is the autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI.

Questions concerning this Press Release may be directed to:

EXTERNAL RELATIONS UNIT
BVI Financial Services Commission
18 Pasea Estate Road, Tortola VG1110
British Virgin Islands
Tel: (284) 494-4190
Email: [email protected]