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On December 31, 2001, the Financial Services Commission (“FSC”) was created pursuant to the Financial Services Commission Act, 2001. The FSC is an independent regulatory body responsible for all financial services business that operates within the British Virgin Islands. The FSC replaced the Financial Services Department, which was a department of the British Virgin Islands government. The FSC is now an independent regulator that reports only to its board of commissioners (which is appointed by the cabinet of government ministers). The FSC is divided into four principal regulatory divisions – banking and fiduciary services, insolvency services, insurance and investment business. In addition, the Registrar of Corporate Affairs reports to the corporate services division of the FSC. This article explores each of these principal regulatory divisions.
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British Virgin Islands Securities & Banking Guide
A version of this article was also published by Complinet.