BVI FSC Newsletter: May 2022

BVI Financial Services Commission Announces Implementation of a New Supervisory Structure: Authorisation and Supervision Division

The Board of Commissioners, along with our Executive Team of the BVI Financial Services Commission (“the Commission”), in line with its 2022-2024 strategic priorities, is pleased to announce the implementation of its new supervisory structure, forming the Authorisation and Supervision Division, effective 01 July 2022.  

The new structure transitions the Commission's supervisory framework from product-based supervision to risk-based functional supervision, allowing the Commission to enhance oversight of regulated businesses and individuals and reduce potential harm to consumers and markets more efficiently.  

What Our New Structure Looks Like in Practice
The Authorisation and Supervision Division comprises four (4) new units: Authorisation, Prudential Supervision, Specialised Supervision and Market Conduct Supervision. These now replace the traditional: Investment Business, Insurance, and Banking, Insolvency and Fiduciary Services divisions.  

Authorisation
The Authorisation Unit is the centralised unit responsible for authorisation and cessation activities of all regulated entities, products and persons and receives and processes all pre-licensing and post-licensing applications for approval. The unit's function is to ensure that all applicants and existing regulated entities satisfy the requirements to carry out regulated activities. 

Prudential Supervision
The Prudential Supervision Unit will use a risk-based approach to operate as a pooled supervisory unit. This unit is responsible for monitoring and supervising regulated entities and persons that present a lower level of risk and reviewing and processing all post-licensing filings required to be submitted by existing regulated entities and regulated persons.

Specialised Supervision
The Specialised Supervision Unit's function is to monitor and supervise regulated entities and persons with a higher level of risk and systemically important financial institutions. This unit will be responsible for undertaking proactive and enhanced supervision of these entities. The Commission will directly inform any entity that falls within the supervisory remit of this unit.  Any entity not receiving the Commission's notification will be subject to supervision within the Prudential Supervision Unit.

Market Conduct Supervision
Market Conduct Supervision Unit's function is to promote a fair and transparent market in which all stakeholders within the financial services industry are treated fairly, honestly and professionally. This unit is responsible for implementing consumer protection measures and exercising the Commission's powers in relation to protection against discrimination, consumers' right to be informed, consumers' right to a defined or definable contractual obligation and protection of rights and interests of consumers of financial services generally. 

What Does This Mean for Our Valued Clients?
Under its new operating structure, the Commission has committed to:

• reducing redundancy and lack of transparency in the regulatory reporting process;
• ensuring our requirements can respond effectively to innovation or other significant developments in the financial services industry; and
• improving on its customer-focused priorities by streamlining our processes, improving response times, and continually strengthening the scope and efficiency of our service.

Please contact our Corporate Communications Unit via corpcomm@bvifsc.vg if there are questions that you have about this notice or Commission services. Continue to monitor our website for essential updates and details concerning our revised supervisory operating structure. We look forward to serving you.

Registry's Corner: The Trade Marks Unit

This month, we highlight the topic of Trade Marks. On 01 September 2015, the British Virgin Islands (“the BVI”) introduced the Trade Marks Act (Revised 2020) (“the Act”), which saw a significant departure from the traditional system of protecting brands in the BVI. 

This Act was designed to modernise the trade mark laws of the BVI and to bring the territory in line with other jurisdictions across the world. This marked a momentous step forward for us in the intellectual property arena. Certainly, we have all heard the term trade mark, however, you may not be clear on how trademarking can benefit you or your company. Here, we break down the first steps in understanding and protecting your brand identity.

What is a Trade Mark?
A trade mark can be a brand, colour, device, figurative element, heading, label, letter, name, numeral, shape, signature, smell, sound, taste, ticket, or word that is capable of being represented graphically and distinguishing the goods for services of one person from those of another person.

Why Should You Have Your Trade Mark Registered?
Having your trade mark registered can protect your company name or logo from infringement or unauthorised use by another person or company.

How Do You Register a Trade Mark?
The registration of Trade Marks must be done by an approved BVI Registered Trade Mark agent. 

For more information on Trade Marks, contact trademarks@bvifsc.vg.

Public Statement

Under Section 37A of the Financial Services Commission Act (Revised 2020), the Commission considers it necessary to issue Public Statements to protect the customers, creditors, or persons who may have been solicited to conduct business with purported financial services entities. 

The public is advised to exercise caution when conducting business with the following person/entity: