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FINANCIAL SERVICES INDUSTRY WORKERS CAN RETURN TO OFFICE ON MONDAY 20TH APRIL WITH RESTRICTIONS
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The BVI's financial services industry enthusiastically received the news today that they could return to work on Monday 20th April with restrictions. The announcement was made by Premier and Minister of Finance, the Honorable Andrew A. Fahie, who took a break from the House of Assembly this afternoon to have a conversation with industry via Zoom.
More than 90 industry practitioners joined the Zoom call, in which the Premier expressed his appreciation for the commitment and hard work of the industry during this COVID-19 pandemic and he answered a number of questions from the attendees.
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Premier Fahie said: “I am extremely grateful to the financial services industry for their help and support during these challenging times. I know it’s a stressful time, but I encourage you to continue to persevere.”
Premier said the Cabinet and Government were doing all they could to get the financial services industry back out to work and thanked them for playing such a vital role in sustaining the BVI’s economy.
Click here to read full article
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CASH AND LIQUIDITY KEY TO BUSINESS CONTINUITY IN COMING MONTHS
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Industry experts highlighted the importance of cash and liquidity to ensure effective business continuity in light of the impact of COVID-19 at yesterday’s BVI Finance Breakfast Forum.
Taking place via an interactive webinar with approximately 70 industry attendees, Russell Crumpler, MD and Head of Advisory at KPMG BVI, and Mark Raddan, Global Head of Turnaround at KPMG London, shared their insights and guidance for the coming months.
The session was chaired by Elise Donovan, CEO of BVI Finance.
Providing an overview of the impact of COVID-19 on the global economy to date, Russell Crumpler shared his thoughts on the possible longer-term repercussions of the virus on a sectorby-sector basis. At the start of the year – prior to the pandemic hitting – KPMG identified two ‘red’ sectors which were cause for concern, but this has since increased to nine according to Russell.
He also highlighted the lack of room for maneuver from global governments to stimulate growth and support economies, suggesting there will be a long, slow recovery in the months to come. Despite this, he stated that many jurisdictions are considering changes to their own laws to help shore up businesses during this period.
Click here to read the full article.
Click here to view questions and Answers from forum
View Recording of Webinar by Clicking here. Use the password: G67@qZ!v.
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REOPENING OF THE PUBLIC SERVICES AS THE TERRITORY TRANSITIONS
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To reiterate, the public services will be open for business on Monday 27th April, 2020. Services however, will be delivered remotely or through approved social distancing measures. We ask the public to be patient with us as we provided services while living and working with the threat of COVID-19. The focus is to find ways to be able to continue to serve the needs of our clients and customers while ensuring our safety and their safety.
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Therefore, Phase 1 of Public Service's 90-dayy Operations PLan, which is also in alignment with Phase 1 of the Re-opening Plan for the Territory, will be driven by a PPD Strategy:
- Preventing public officers and Clients from contracting and spreading the Coronavirus
- Protecting public officers and Clients from health risks linked to the Coronavirus
- Delivering Services to our clients remotely and efficiently while practising good hygiene and social distancing practices.
Click here to read full Circular.
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BVI INTERNATIONAL ARBITRATION CENTRE ANNOUNCE VIRTUAL ARBITRATION SERVICES
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The BVI International Arbitration Centre (BVI IAC) announced today the availability of all its services online. This is a progressive and modern resource that will allow business continuity and assist parties and arbitrators globally in light of the Coronavirus (COVID-19) pandemic.
The BVI IAC operates through a cloud-based, secured IT infrastructure, and from inception has supported online dispute resolution remotely and seamlessly. As a result, the Centre can support clients to transition their existing or new arbitrations, appointing authority cases, fund holding cases and expert determination cases to a virtual platform.
“Sadly, this is a situation reminiscent of the situation after Hurricane Irma”, explained CEO Francois Lassalle. “Now, our team is able to draw on what we learned from that experience so that we can operate seamlessly as we did following the 2017 devastation.”
Mr. Lassalle went on to say, “Our Centre can assist you to transition to 100% online, whether to start or continue a BVI IAC, UNCITRAL or ad hoc arbitration.”
The BVI IAC boasts a number of online tools for hearings and video conferences. As experts in –Based audio/video conferencing tools, the Centre’s staff stands ready to ensure everything runs seamlessly. The BVI IAC also uses NetDocuments, a secure cloud-based document management system that enables the institution to create safe virtual filing rooms for parties and tribunals to share documents. The BVI IAC also can cater to your live reporting/streaming requirements.
The BVI IAC Rules and the BVI Arbitration Act are supportive of virtual arbitrations.
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STATEMENT BY HON ANDREW A FAHIE ON ECONOMIC RESPONSE PLAN TO BE IMPLEMENTED IN PHASED APPROACH
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Q&A WITH LIZ BARAHONA, Q. DEPUTY MANAGER OF ICAZA, GONZALEZ-RUIZ & ALEMAN
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Since the implementation of the 24-hour mandatory curfew in the British Virgin Islands (BVI) due to the COVID-19 pandemic, a number of residents in the community have come together to assist those who may be having a harder time during the curfew.
One such resident is our very own Liz Barahona, Q., who is the Deputy Manager of Icaza, Gonzalez-Ruiz & Aleman. Liz, along with a team of volunteers like herself, have created a Facebook group called HandsFreeBVI, which works as a sounding board for ideas on how to help the wider community.
The idea arose from a Facebook closed group of five members. The idea then turned into a brand new website platform called www.bvihandsfree.com built by MicroAntix Networks, who graciously donated their time and skills in the design of the platform. The BVI Hands Free platform is focused on building a team of volunteers to help people, families and businesses who have been economically affected by COVID-19 in BVI.
To learn more about this excellent initiative and how you can be a part of it, we asked Liz a few questions.
Click here to see what she had to say.
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Weekend Reading Suggestions
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5 UPLIFTING ACTIVITIES TO HELP IMPROVE YOUR MENTAL HEALTH WHILE YOU'RE SOCIAL DISTANCING
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Many people felt OK during the first week or two of social distancing. But by now many people are experiencing a decline in mental health. And it's no wonder why.
Social distancing is the perfect recipe for depression. Staying indoors, less contact with people, and fewer fun activities are just some of the things that can increase your risk of depression.
Fortunately, there are some things you can do to combat depression — even when options are more limited than usual. Here are some strategies that might improve your mental health while you're social distancing.
Click here for strategies
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THE BEST BUSINESS BOOKS TO PASS THE COVID-19 LOCKDOWN TIME
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It’s old school maybe, but what else are you going to do once your remote work is done, the kids are asleep and you feel unfulfilled or unenlightened? You get a book to expand your thinking and improve yourself...such as these ones.
- Value Proposition Design by Osterwalder, et.al. (Wiley)
- Stall Points by Olson and Bever (Yale University Press)
Click here for more business books recommended by Brian Somner
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UPCOMING EVENTS
May
BVI Finance Breakfast Forum
Webinar | 20 May
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