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BVI further amends trust company law and regulation
Regulation of trusts and trust companies

BVI further amends trust company law and regulation

The BVI has recently amended the Banks and Trust Companies Act 1990 (the BTCA) and the Company Management Act 1990 (the CMA). The amendments seeks to further modernise the BTCA and CMA regimes by taking into account new developments and providing new licence classes of trust and corporate service providers relevant to family and other closely held groups.
BVI Legal Update - Autumn 2018
Investment Funds

BVI Legal Update - Autumn 2018

Over the last few months, the British Virgin Islands has introduced a number of innovative new and updated laws, enhancing the range of commercially attractive legal structures available in the jurisdiction. The next exciting chapter will be revealed on 1 October, when amendments to the BVI Business Companies Act (BCA) will come into force to expand the use of segregated portfolio companies (SPCs) beyond the funds and insurance sectors. This update looks at the expanded use of SPCs, the new Limited Partnership Act, the Micro Business Companies Act and amendments to the Anti-Money Laundering Code to allow electronic AML checks.
30 September Deadline to Appoint AML Officers For Existing Investment Entities
Investment Funds

30 September Deadline to Appoint AML Officers For Existing Investment Entities

Cayman Islands investment entities that are conducting relevant financial business (which includes investment funds and investment managers registered as excluded persons under the Securities Investment Business Law (SIB Law)) (Investment Entities) are reminded that they must appoint individuals at managerial level as their anti-money laundering compliance officer, money laundering reporting officer and deputy money laundering reporting officer (AML Officers) by 30 September 2018. These appointments are required following changes made to the Cayman Islands anti-money laundering (AML) regime earlier this year.
Regulatory sandboxing in the British Virgin Islands
Regulatory and Tax

Regulatory sandboxing in the British Virgin Islands

The FinTech world has recently been at the forefront of most regulatory discussions. Find out how this up and coming area of regulation would be an ideal fit for the concept of a regulatory sandbox; a product that would seek to allow persons who are interested in exploring new and innovative areas to test regulatory products in a controlled environment whilst being supervised and monitored by a regulator in a ‘light touch’ regulatory environment and market.
Change in the BVI FSC’s policy towards listed subsidiaries of trust companies and company managers
Financial services regulatory advisory

Change in the BVI FSC’s policy towards listed subsidiaries of trust companies and company managers

The FSC has recently clarified that subsidiaries of licensed trust companies and company managers in the BVI will no longer be permitted to undertake registered agent and registered office business in or from within the BVI. Licensees have until June 2019 to comply with the proposed changes.
BVI regulator updates the AML and KYC regime for the Fintech era
Blockchain and digital assets

BVI regulator updates the AML and KYC regime for the Fintech era

The BVI Financial Services Commission (FSC) has amended the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 (the AML Code), effectively the financial services industry’s rulebook for customer verification and KYC, so that credit and financial institutions based in the jurisdiction may now rely on the latest electronic innovations to expedite customer verification.