BVI House Asia Holds ‘Meet The Regulator’ In Hong Kong

May 15, 2014, Hong Kong - More than 40 corporate service providers, lawyers and other financial services practitioners turned up at the Renaissance Harbour View Hotel for BVI House Asia’s first ‘Meet the Regulator in Hong Kong’ on Wednesday, May 14, 2014.

On hand to give updates from the British Virgin Islands Financial Services Commission (BVI FSC) were Mr. Cherno Jallow, QC – the Director of Policy, Research and Statistics, Mr. Kenneth Baker – Deputing Managing Director, Regulation and Director of the Banking and Fiduciary Services, Ms. Jennifer Potter-Questelles – Deputy Managing Director, Corporate Services and Ms. Myrna Herbert – Director, Registry of Corporate Affairs.

Director of BVI House Asia, Elise Donovan said, “We were very pleased to have the top brass of the FSC present to the practitioners here on a first-hand basis.  This is where the business is concentrated. It certainly demonstrates the BVI’s serious commitment to servicing the needs of, and being responsive to the practitioners who do BVI business in this region.”

Mr. Jallow gave an update on the consultation on beneficial ownership, the National Risk Assessment and the anti-money laundering/counter terrorist financing, especially relating to the fourth round of mutual evaluations by the CFATF (Caribbean Financial Action Task Force) in 2017.  He also gave an overview of the Territory’s new arbitration regime.

Mr. Jallow told the attendees that in all these processes the BVI officials endeavor to “do what is in the best interest of the BVI and what is in the best interest of our financial services industry.”  He also encouraged the practitioners to play their part in keeping the BVI compliant with international regulatory standards.

Mr. Baker then provided an overview of the functions of the FSC and the BVI’s legal infrastructure, noting that the financial services legislation were the first laws to be consolidated. He encouraged the practitioners to take note of the sanctions which are published on the FSC’s website, and the EU sanctions, which are applicable to the BVI as an Overseas Territory of the United Kingdom.

Additionally, the FSC panel answered a number of questions regarding the Registry Services and the interaction of corporate service providers.

Ms. Potter-Questelles informed the Hong Kong practitioners that the Registry Services are soon to be extended by an additional seven hours to facilitate easier and faster responses to the region, which is 12 hours ahead of the BVI. She also said that company name checks would be accessible to BVI licensed providers with a presence in Hong Kong.

BVI House Asia was established in September last year to, among other things, be more responsive to the needs of the Asian Pacific business community. More than 40 percent of BVI business originates from China and the rest of the Asia Pacific region.