British Virgin Islands Financial Services Commission

British Virgin Islands Financial Services Commission

outside the offices of the FSC
Agency overview
Formed December 2001
Jurisdiction British Virgin Islands
Headquarters Road Town, British Virgin Islands
Agency executives Mr Robin Gaul, Chairman
Mr Robert Mathavious, Managing Director/CEO
Website http://www.bvifsc.vg

The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the British Virgin Islands, including insurance, banking, trustee business, company management, mutual funds business as well as the registration of companies, limited partnerships, and intellectual property.[1]

The Commission now oversees all regulatory responsibilities previously handled by the government through the Financial Services Department. The Commission was established in 2001 pursuant to the Financial Services Commission Act, 2001[2] to try to protect the independence of the regulation of financial services. The establishment of the Commission was also part of certain international commitments by the BVI to play its part in the fight against cross border white collar crime while safeguarding the privacy and confidentiality of legitimate business transactions.[3]

The Commission has also been tasked with new responsibilities including promoting public understanding of the financial system and its products, policing the perimeter of regulated activity, reducing financial crime and preventing market abuse.[3]

Governance

The Chairman of the Board of Commissioners is Mr Robin Gaul, who qualified as an accountant in the United Kingdom in 1967 and was a partner of KPMG, and served on various boards and committees in the BVI Public Sector, including the Development Bank of the Virgin Islands and the BVI Electricity Corporation. Mr Gaul was appointed as Deputy Chairman of the Inaugural Board of the Financial Services Commission in 2002 and Chairman of the Board in May, 2006.[4] The Managing Director/Chief Executive Officer of the Financial Services Commission is Robert Mathavious, who has held that position since the formation of the Commission. Prior to that Mr Mathavious worked for 25 years in Government as a civil servant,[4] and in 2013 he received an honorary doctorate from the University of the West Indies.[5]

See also

External links

Footnotes

  1. ↑ "About the Commission". BVI Financial Services Commission. Retrieved 14 March 2015.
  2. ↑ "Financial Services Commission Act, 2001". Financial Services Commission. Retrieved 14 March 2015.
  3. ↑ 3.0 3.1 "About us". Financial Services Commission. Retrieved 14 March 2015.
  4. ↑ 4.0 4.1 "Governance". Financial Services Commission. Retrieved 14 March 2015.
  5. ↑ "FSC director to receive honorary doctorate". BVI Beacon. 21 August 2013. Retrieved 14 March 2015.