To foster a healthy and transparent regulatory environment where financial institutions are able to provide quality services and products that contributes towards the economic prosperity of the BVI. To uphold the reputation of the BVI financial services industry domestically and abroad. To take into consideration the international character of financial regulation and the financial services business by liaising with foreign regulatory authorities.
To monitor and detect financial-related crimes and assist in the prosecution of offenders.
To instigate actions against any individual or business that violates BVI financial services laws. As such, responsibilities are to assess all applications for licensing and certificates of operation within the BVI and to protect the interest of depositors, investors, consumers and the Territory itself.
What is the BVI FSC?
Eligibility for a license is limited to companies with sufficient capital investment, adequate systems and sound management teams. Once a license is issued, the Committee maintains ongoing supervision of authorized entities in order to ensure their continuous compliance with relevant regulation. A list of individuals and businesses licensed is maintained by the Committee and available to the public. Enforcement and Compliance The reputation maintained by the BVI Financial Services Commission as a credible and respected regulator lies in its ability to enforce legislation and impose penalties over entities who fail to comply with such laws.
In order to achieve this objective, the Commission has established a process of enforcement and compliance in which businesses are active participants.
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At any given time, the Commission has the authority to conduct inspections of the premises of regulated entities located both inside and outside of the Territory, where all systems, assets and documents are audited. In the event of an entity being found in violation of the regulations set forth by the BVI Financial Services Commission, the regulator may at its discretion, revoke or suspend the license certificate. Some of the reasons for which a regulated entity may have their license revoked or suspended are:.
BVI Forex Broker License FAQ
Providing the Commission with false, inaccurate or misleading information. Breaching any term or condition of its license. Failing to comply with a Commission directive. Engaging in money laundering. Violating financial service laws and regulations. Conducting business in a way that is detrimental to the public interest or to the interest of clients, creditors or investors. In the event of the Commission determining that a violation has been made, the licensed entity is entitled to appeal in front of the BVI Financial Services Appeal Board, who review every appeal and consider objections in a formal hearing.
A decision can either be made to dismiss the appeal, accept it, or turn the case over to the Board, the Commission or the Executive Licensing Committee for further consideration. Decisions made by the Appeal Board are final.
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