The British Virgin Islands Financial Services Commission (the "FSC") was established in December 2001 as a result of the Financial Services Commission Act, 2001.
The FSC is an independent regulatory authority responsible for regulating and supervising all financial services provided in or from the BVI.
The Commission commenced operations in 2002, having taken over from the Government (via the Financial Services Department) regulatory and supervisory functions, and previously had been a part of the BVI Government network.
The FSC regulates a spectrum of activities defined as financial services.
These financial services include insurance, banking, fiduciary services, trustee services, corporate management, investment services, and insolvency services, among others.
The Commission is also responsible for registering companies, limited partnerships, and intellectual property, and plays a crucial role in supporting the BVI as a reputable financial hub.
Mandate and Duties
The FSC, as the primary financial regulator of the Territory, is responsible for regulating, supervising, and inspecting all licensed entities and individuals conducting business in the financial services sector.
Its duties include:
• Granting authorizations for financial service providers and monitoring for regulatory compliance.
• Conducting inspections and ongoing supervision, to ensure quality operations.
• Enforcing BVI financial services laws and taking action against unauthorized and illegal activities.
• Monitoring for financial crime and assisting competent authorities with investigations and prosecutions.
• Providing advice to the Government of the day on regulatory and supervisory issues relevant to the financial services sector.
The FSC provides a critical regulatory framework to facilitate confidence and the reputation of the BVI as a well-regulated international financial centre.
Mission and Goals
The FSC's mission is to protect the integrity of the British Virgin Islands as a trusted jurisdiction for financial services, and to preserve the economic interests of the Territory by:
• Protecting the interests of the investor, consumer, and marketplace participants.
• Compliance with international regulatory standards and best business practices.
• Assisting in the fight against cross-border financial crime, while ensuring integrity and confidentiality in legitimate commercial transactions.
Core Functions
The FSC performs a wide variety of functions based on its core values, which support confidence in the financial services sector and encourage its growth.
• Consumer Protection – Ensuring that all recognized firms and individuals are fit, proper, and solvent to continue as legitimized participants.
• Regulatory Enforcement – Monitoring the regulated participants and taking enforcement action against contraventions of the standards.
• Financial Crime Oversight – Referring, detecting, investigating, and assisting all authorities with prosecuting the many and varying forms of financial crime.
• Industry Development – Assisting with innovation and contributing to the evolution of the financial services sector.
• Legislative Consultation – Fostering close and collaborative relationships between self-regulated industries as well as employing various and tailored methods to encourage sectoral engagement with the Government regarding laws, regulations, and supervisory guidelines.
• Public Awareness – Promoting and educating the general public about the benefits and potential risks associated with financial products and services.
• International Cooperation – Nurturing relationships with overseas regulators to improve consistency with the international regulatory environment.
• Professional Development – Extending engagement with people working across the financial services sector by focusing on meaningful and contextualized opportunities for continued professional development with regulatory authorities.
