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On November 12, 2009, the Financial Services Commission in the British Virgin Islands issued the Financial Services (Prudential and Statistical Returns) Order, 2009 requiring certain regulated persons in the British Virgin Islands to make prudential or statistical filings with the Financial Services Commission on a periodic basis.
The filings are a tool to be used by the Financial Services Commission to obtain statistical data as well as to identify any problems on a timely basis to safeguard the interests of the financial services industry and the reputation of the British Virgin Islands.
It is anticipated that these filings will be made electronically. Failure by a regulated person to file a return on a timely basis could result in penalties being levied under the order.
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BVI FSC Announces New Filing Requirements