BVI FSC confirms four senior level executives

Tortola, British Virgin Islands - 17 August, 2010 - The birtish Virgin Islands Financial Services Commision (the "FSC") today announced several appointments and confirmations within its management structure and internal divisions. On 1 July, 2010, the FSC confirmed David Abednego as Director, Insolvency Services, Alva McCall as Deputy Director, Policy, Research and Statistics, Michelle Georges as Deputy Director, Banking and Simone Martin as Deputy Director, Fiduciary Services. These senior level appointments highlight the FSC's continued commitment to recruiting top level talent and providing quality services to the industry.

Director, Insolvency Services

On 1 July, 2010, Mr. David Abednego was confirmed as Director, Insolvency Services. Mr. Abednego joined the FSC in 2004 when the Insolvency Services Division was being set up. As Deputy Director he assisted the former Director, Christopher Hill, with the implementation of the Insolvency Act and the roll out and development of the Insolvency Regime. Since 2008 he has been the Acting Director. Prior to joining the FSC, David was Crown Counsel in the Attorney General's Chambers. He holds a Bachelor of Science Degree in Legal Studies from the John Jay College of Criminal Justice City University, New York, an LLB from the University of Victoria, British Columbia, Canada and a Certificate in Legal Education from the Norman Manley Law School, Jamaica. On his appointment Mr. Abedengo stated that, "I am thrilled that the Commission has seen it fit to appoint me as the Director. I am fully aware that the position comes with great expectations and challenges and I undertake to meet and surpass them."

Deputy Director, Policy Research and Statistics

In her new role as Deputy Director of the Policy, Research and Statistics Department, Alva McCall will be responsible for researching regulatory issues, liaising with international standard setting organisations, especially CFATF and the IMF and providing strategic policy advice. On her appointment Ms. McCall stated that she is, "delighted that the Commission has expressed this level of confidence in my ability to make worthwhile and significant contributions to the ongoing development of the Division and to the Commission overall. I look forward to the challenges of my new position and to continuing to work with the Director and other members of the Division in providing quality advice and support to the Commission."

Alva holds a Bachelor of Science Degree in Information Systems and Decision Sciences from Virginia State University, Virginia, and a Master of Business Administration from Wright State University, Ohio and before joining the FSC in November, 2008, she served as the Clerk of the House of Assembly.

Deputy Director, Banking

As Deputy Director, Banking, Michelle Georges will supervise authorised custodians, banks and the money services business. Ms. Georges, a former Commission executive and industry veteran, brings unique knowledge, perspective and experience to the position. On her appointment and confirmation Ms. Georges stated, "I am both elated and honoured to rejoin the Commission as the new Deputy Director, Banking. I am returning to an organisation that continues to demonstrate its commitment to the growth, development and financial soundness of the British Virgin Islands' financial services sector. I look forward to making valuable contributions to the regulatory efforts of the Division and the Commission." Michelle holds a Bachelor of Arts Degree in Business Administration from the University of the Virgin Islands, a Master of Business Administration from Wright State University, Ohio and a Diploma in Compliance from the International Compliance Association. Ms. Georges was most recently employed with Banco Popular de Puerto Rico's Commercial Lending Division.

Deputy Director Fiduciary, Services

As Deputy Director, Fiduciary Services, Simone Martin will focus on supervising trust companies and company managers. Ms. Martin has been with the FSC since its inception and holds a Bachelor of Arts Degree in Accounting from the University of the Virgin Islands, a Master of Business Administration from the University of the West Indies and a Diploma in Compliance from the International Compliance Association. On her appointment, Ms. Martin said, "I am excited to continue working closely with the Director, the division and the rest of the management team in furthering the development of this industry. I am honoured that the Managing Director and Board of Commissioners possessed the confidence and trust in me to take on a more critical role within the Commission."

Commenting on the recent appointments and confirmations, Robert Mathavious, Managing Director/CEO of the FSC, stated that, "Recruiting world class talent has always been a priority at the Commission and these appointments will help us continue to provide best in class service to the industry and strengthen financial services in the British Virgin Islands. The fact that we have been able to fill these senior posts by promotion from within evinces the success of our succession planning programme. I am delighted to have such incredibly talented and committed senior employees at the Commission."

Note to Editors:

1. A group photograph of the newly confirmed executives is attached (clockwise from l to r: S. Martin, M. Georges, A. McCall and D. Abednego)

About the British Virgin Islands Financial Services Commission

The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory. The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

For further information, please contact:

Corporate Communications
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016
Email: corpcomm@bvifsc.vg