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BVI FINANCE SALUTES DR. ROBERT A. MATHAVIOUS
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BVI Finance pays tribute to Dr. Robert A. Mathavious upon the announcement of his upcoming retirement as Managing Director/Chief Executive Officer of the BVI Financial Services Commission (FSC). Dr. Mathavious’ tenure at the FSC marked an era that was complemented with the grace and growth of the BVI’s financial services sector, aided by his acute knowledge, discernment, action, selflessness and tutelage.
During his distinguished career, he served the BVI nobly as Deputy Financial Secretary from 1980 to 1985, Financial Secretary from 1985 to 1991, as Director of Financial Services from 1993 to 2001 and steadfastly as Managing Director/Chief Executive Officer of the BVI Financial Services Commission from January 2002 to present.
His extraordinary 40-year plus career as a public servant is no small feat. He has worked seamlessly with different Chief Ministers and Premiers serving as the chief advisor on financial services, through its many challenges and triumphs. Yet, he epitomized the words of poet William Ernest Henley; has “not winced nor cried aloud”.
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Pictured: Dr. Robert A. Mathavious, outgoing MD/CEO of BVI FSC
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CEO of BVI Finance, Elise Donovan, expressed that, “As a noted architect of the BVI’s financial services industry, Dr. Mathavious’ visionary leadership resulted in a strong economic pillar from which the Virgin Islands has benefitted greatly. His love for his country, undoubtedly also fueled his passion to create opportunities for many young Virgin Islanders. His leadership, legacy and tremendous contributions, to not only the BVI’s financial services industry, but also to the entire BVI will be recognised for many years to come.”
BVI Finance salutes Dr. Robert A. Mathavious, a man whose life echoes the courage of great leaders who serve with vigilance, accountability and integrity. BVI Finance was pleased to honour him with the Financial Services Lifetime Award when we commemorated the 1984 International Business Companies Act at 35 Years of Innovation Gala in 2019. May generations of Virgin Islanders emulate his distinguished legacy.
To read the full tribute, click here.
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REGISTER TODAY: WHAT'S HAPPENING WITH THE EU & THE OECD AND THE LIKELY IMPACT ON IFCs
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Richard Hay, Counsel of the IFC Forum and Partner at Stikeman Elliot is set to speak at the next BVI Finance Breakfast Forum, scheduled to take place on 24th June 2020 at 10:00am. Hay will be joined by Oliver Cooper, Policy Lead in the international Private Banking and Financial Policy Group at Stikeman Elliot. Cooper also works with Richard Hay as counsel to IFC Forum, as well as other government clients on tax and regulatory policy matters.
The discussion will include:
- The rapidly changing global environment for tax and regulatory policy;
- Social and economic benefit provided by IFCs;
- EU blacklist- drivers and likely future direction;
- Prospects for OECD’s Pillar 2/minimum tax proposals;
- Public registers, and
- Special aspects of BVI positioning- Asia focus, etc.
Register today by clicking on the image.
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OECD SECRETARY-GENERAL ANGEL GURRÍA REACTS TO RECENT STATEMENTS & EXCHANGES REGARDING THE ONGOING NEGOTIATIONS TO ADDRESS THE TAX CHALLENGES OF THE DIGITALISATION OF THE ECONOMY
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“Addressing the tax challenges arising from the digitalisation of the economy is long overdue,” said OECD Secretary-General Angel Gurría. “All members of the Inclusive Framework should remain engaged in the negotiation towards the goal of reaching a global solution by year end, drawing on all the technical work that has been done during the last three years, including throughout the COVID-19 crisis. Absent a multilateral solution, more countries will take unilateral measures and those that have them already may no longer continue to hold them back. This, in turn, would trigger tax disputes and, inevitably, heightened trade tensions. A trade war, especially at this point in time, where the world economy is going through a historical downturn, would hurt the economy, jobs and confidence even further. A multilateral solution based on the work of the 137 members of the Inclusive Framework at the OECD is clearly the best way forward,” said Gurría.
Mandated in 2018 by the G20 to deliver a consensus based solution by the end of 2020, the OECD has gathered 137 countries on an equal footing for the negotiations and has developed a two pillar approach, to be discussed in the following weeks leading up to a meeting of the Inclusive Framework in October 2020.
The OECD will maintain its schedule of meetings to offer all members of the Inclusive Framework a place in the design of a multilateral approach.
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TECHNOLOGICAL EMBRACE NEEDED IN FINANCIAL SERVICES INDUSTRY
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Governments, regulators, and financial services practitioners need to embrace the ‘internet of everything’ in coping with the COVID-19 pandemic, says Shankar Rachakonda, Chandra Alluri and L. Larry Kibler. The trio from information technology specialist firm RKV International were guests of BVI Finance’s breakfast forum held Wednesday 18th June and titled “Leveraging Technology to Promote Business Continuity”.
The presenters explained that the internet and technology are becoming central to how business is conducted and that many on-line platforms previously viewed as “nice to have”, have been transformed into “must haves”. These include digital and other contactless payments, which made the list of must-haves, but are not as readily accessible as needed.
The RKV experts also outlined the importance of being digitally ready to be able to do work remotely, distance learning and collaboration, make payments and perform banking operations, and consider telehealth. “Technology has become important in risk management and know-your-customer (KYC), assessments and has resulted in businesses that have adopted the technology realising more than 50 percent in cost savings,” says RKV.
The claims come as COVID-19 and the physical distancing requirements exposed gaps that may prevent the financial services industry from having effective business continuity. The presenters also outlined that industry and government will need to cooperate in embracing the use of technology to advance the BVI’s financial services industry. “Experience has shown that industry has to lead, and then regulators and governments will be motivated to follow,” they said.
The presenters concluded that because of the expanding use of technology, productivity has increased by 46 percent in the sector, which they predict will continue to grow exponentially. To view the presentation, click here. To view the Q&A from the forum, click here.
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ENFORCEMENT OF PRC JUDGMENTS IN THE BRITISH VIRGIN ISLANDS ESTABLISHES AN IMPORTANT PRECEDENT
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The British Virgin Islands (BVI) Court has for the first time recognised and enforced judgments delivered by the Court of the People’s Republic of China (PRC).
It is a significant development in light of the established practice of Chinese individuals and entities using BVI corporate entities as asset holding vehicles. The decision sets a significant precedent as many practitioners and judgment creditors alike in the PRC have historically considered BVI corporate entities (and their assets) as being beyond the reach of the PRC courts and often left ‘forgotten’, notwithstanding the well-established rules for recognition and enforcement of foreign awards and judgments in the BVI.
View Carey Olsen breakdown the Court’s guidance on how enforcement over shares in a BVI company should proceed, here.
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WALKERS BOLSTERS BVI REGULATORY & RISK ADVISORY PRACTICE GROUP
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Pictured: Lodewijk Van Setten, Senior Counsel, Regulatory & Risk Advisory
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Walkers recently announced the appointment of Lodewijk Van Setten to the Regulatory & Risk Advisory practice group as senior counsel in the BVI.
Van Setten joins Walkers from private practice in London, where he was a financial services regulatory senior consultant at Taylor Wessing, Allen & Overy and KPMG. Prior to that he was at Morgan Stanley in London for eleven years in Investment Management as International General Counsel and as International Chief Operating Officer and at State Street in London for six years as European Counsel. Meanwhile, Lodewijk has been a Visiting Professor of Financial Law at King's College, London for 15 years and his publications include Law and Regulation of Financial Advice, Investment Management, and Trading, published 2019 by the Oxford University Press, and Alternative Investment Funds in Europe – Law and Practice, published 2014 by the Oxford University Press.
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His appointment strengthens Walkers' group of Regulatory & Risk Advisory experts, which is the largest dedicated offshore practice of its kind, with 20 dedicated regulatory lawyers globally. Commenting, Van Setten stated: "I’m delighted to be joining Walkers and look forward to working with expert colleagues across the global network. Walkers' excellent reputation, consistent top tier rankings and unparalleled client base provide an exceptional platform from which to provide dedicated financial regulatory and risk management expertise to clients."
BVI Finance is pleased to officially welcome Lodewijk Van Setten to the BVI team!
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SPEND OR HOARD? FATE OF FORCED SAVINGS COULD DEFINE PANDEMIC RECOVERY
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Many households have built up a stash of savings during the coronavirus lockdowns of the past three months — and how they view them may dictate the speed of recovery from the pandemic.
Although the shock has caused spikes in unemployment, most households spent lockdown periods either working from home, furloughed or on direct government income support. And with few goods or services available to buy, their savings have soared.
Whether people see these unexpected cash hoards as a windfall or a buffer against future uncertainties is likely to determine the speed of the recovery, at least this year
Mark Dolan, the editor-at-large for finance and markets at Reuters News, shares his thoughts on the matter here.
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UPCOMING EVENTS
June
BVI Finance Breakfast Forum
Webinar | 24 June | 10:00 a.m
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