New Director of Investment Business: Assumes Post

October 28, 2002 - The BVI Financial Services Commission (“FSC”) is pleased to announce the appointment of Ms. Ruth Chadwick, as Director of Investment Business, with effect from 1 June, 2002. Ms. Chadwick, who was recruited by the FSC to replace the former Registrar of Mutual Funds, will now be responsible for heading up the Investment Business Division of the FSC, which includes the Mutual Funds Registry. A member of the Chartered Institute of Public Finance and Accounting, Ms. Chadwick has had an impressive career in both the public and private sectors in the UK. She brings to the FSC an extensive industry background in compliance.

Speaking of her new position Ruth Chadwick said: “I am excited by the challenge of working with the Commission, to enhance the Territory’s reputation as a financial services centre internationally, and in doing so to assist in the development of an effective, modern, and professional regulator of the highest international standards. The BVI is already a leading player in the offshore mutual funds market, and the dual objective of retaining and enhancing this status makes this a very important and interesting position. I look forward to this exciting challenge”.

Managing Director and Chief Executive Officer of the FSC, Robert Mathavious commented: “We are delighted to be able to add someone of Ms. Chadwick’s caliber, experience and knowledge to our regulatory team here at the FSC, especially at this challenging time of the FSC’s early days as an autonomous regulator. Ruth’s experience at the Investment Management Regulatory Organisation (IMRO) during the formative stages of the regulator’s existence should serve us well. At a time when the international community continues to focus on the capabilities of regulatory organisations worldwide, and on the application of international regulatory and supervisory standards, Ruth Chadwick’s appointment is timely. It should assist the FSC team in dealing with the challenges ahead”.