British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment

Volume/Issue: Volume 2010 Issue 323

Publication date: October 2010

ISBN: 9781455208746

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , ISCR , CR , FSC authority , BVI bank , BVI authorities , BVI insurance industry , BVI business company , BVI incorporation , BVI tourism sector , FSC staff , business company , BVI law , Mutual funds , Commercial banks , Financial sector , Insurance , Global , Caribbean

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Summary

This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.