BVI Becomes Member Of IOSCO

by Amanda Banks, Tax-News.com, London

18 April 2007

The British Virgin Islands Financial Services Commission (FSC) has said that its recent acceptance as a member of the International Organization of Securities Commissions (IOSCO) reflects the jurisdiction's robust international cooperation framework, and its long-standing commitment to comply fully with international standards.

At its Annual Conference in Mumbai, India from 9-12 April 2007, IOSCO's Executive Committee recommended the BVI’s membership, after it concluded that the BVI had complied with all of the standards and requirements outlined in the IOSCO Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMOU).

The BVI is the first country to be admitted to ordinary membership of IOSCO based on changes made to its legislation and under the IOSCO MMOU. In addition, out of the eight new members announced in Mumbai, the BVI was the only jurisdiction to become an IOSCO ordinary member.

“This is a significant achievement for the BVI,” observed Robert Mathavious, Managing Director and Chief Executive Officer of the FSC. He continued: “We are very pleased at IOSCO’s recognition of the countless efforts we have made in recent years to foster international cooperation in full compliance with all international standards affecting our industry. Being a member of IOSCO is a very important accomplishment that confirms the BVI as one of the premier and most effectively regulated offshore jurisdictions in the world. It is the culmination of a long process in which we have made extensive progress and improvements to our regulatory regime under the principles outlined in the IOSCO MMOU; long established principles of fundamental importance to the government of the BVI and the FSC."

Cherno Jallow, Q.C. added: “The BVI always strives to maintain a competitive finance centre that is regulated to international standards and IOSCO membership is just another way in which the international community has recognized our commitment to quality regulation.”

IOSCO is the pre-eminent international standard setter for securities markets, and membership is widely sought after by securities regulators. The Organization's membership regulates more than 90% of the world's securities markets, in over a hundred jurisdictions.

In furtherance of the FSC’s commitment to international cooperation and transparency, the FSC has published an extensive Handbook on International Co-operation and Information Exchange that serves as a guide for law enforcement officials and regulators. The International Cooperation Handbook thoroughly explains and details the statutory mandates and regulations established in the BVI to foster and improve international cooperation. It is publicly available through the FSC’s website at www.bvifsc.vg.

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