The BVI Financial Services Commission is an autonomous

regulatory authority A regulatory agency (regulatory body, regulator) or independent agency (independent regulatory agency) is a government agency, government authority that is responsible for exercising autonomous dominion over some area of human activity in a licen ...

responsible for the regulation, supervision and inspection of all the

British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = " Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Bri ...

financial services including

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

ing, trustee business, company management,

mutual funds A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV ...

business, the registration of

companies A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...

limited partnerships A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited p ...

and

intellectual property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...

. It was established in 2001 pursuant to the Financial Services Commission Act, 2001. The commission now oversees all regulatory responsibilities previously handled by the government through its Financial Services Department; protecting the independence of financial services regulation and fulfilling international commitments to the prevention of international

white collar crime The term "white-collar crime" refers to financially motivated, nonviolent or non-directly violent crime committed by individuals, businesses and government professionals. It was first defined by the sociologist Edwin Sutherland in 1939 as "a ...

while safeguarding the privacy and confidentiality of legitimate business transactions. The commission also has new responsibilities including promoting public understanding of the financial system and its products, policing the perimeter of regulated activity, reducing

financial crime Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud ( cheque fraud, credit card fra ...

and preventing

market abuse In economics and finance, market abuse may arise in circumstances where investors in a financial market have been unreasonably disadvantaged, directly or indirectly, by others who: * have used information which is not publicly available ( insider ...

. The British Virgin Islands Financial Services Commission launched its Asia representative office in Hong Kong in April 2014 as part of a broader effort to support business development in the Asia Pacific Region.

Governance

The Chairman of the Board of Commissioners is Mr Robin Gaul, who qualified as an accountant in the United Kingdom in 1967, was a partner of

KPMG KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a net ...

and had 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. 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 as a civil servant. In 2013 he received an

honorary doctorate An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hon ...

from the University of the West Indies.

External links

The BVI Financial Services Commission

Footnotes

Organisations based in the British Virgin Islands Economy of the British Virgin Islands British Virgin Islands law Government agencies established in 2001 2001 establishments in the British Virgin Islands Financial regulatory authorities of the British Virgin Islands {{econ-org-stub

Governance

See also

External links

Footnotes