BVI Finance This Week 24/7/20

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27Jul

BVI Finance This Week 24/7/20

27 Jul, 2020 | View Counts (1111) |Return|

FRIDAY 24 JULY, 2020

BVI HAS FANTASTIC OPPORTUNITY TO SET UP DIGITAL INFRASTRUCTURE

“BVI has a fantastic opportunity to set up a digital infrastructure to be able to service the world”, says Professor Philip Treleaven at the recent BVI Finance webinar titled: “Future Data Driven Financial Markets: BVI’s opportunity for a fully digital infrastructure integrating finance and regulation”.

Professor Treleaven, one of the webinar’s presenters, is Director of the UK Centre for Financial Computing and Professor of Computing at University College London (UCL). He is credited with coining the term RegTech. Professor Treleaven was joined by Sally Sfeir-Tait, CEO of RegulAItion, and honorary research professor at UCL. Sfeir-Tait coordinates UCL’s RegTech collaborations and projects on behalf of Professor Treleaven’s research group. The presenters’ presentation focused on emerging technologies for financial services, the impending ‘Data Tsunami’ and the resulting challenges and opportunities, along with the RegNet Project.

Prof. Treleaven said that BVI, like the UK and Singapore are “trying to move towards a completely integrated data infrastructure”. “The idea that everything from company registrations, audit, legal systems, tax returns, regulations - all integrate together in one government system.”

Pictured: Professor Philip Treleaven

Pictured: Sally Sfeir-Tait

The 21^st July presentation covered three main ‘game-changing’ data technologies including Big Data, Internet of Things, and ChatBots; Analytics Technologies like Artificial Intelligence and Federated Learning; and Infrastructure Technologies like Digital Object Identifiers, Computer-executable rules and Blockchain.

Regarding the effects of establishing a digital infrastructure on human resources, Sfeir-Tait noted that it won’t replace human beings, but it will create “better tools to do a better job” so that people can focus on adding value. “The idea is not to replace humans, but to automate the processes that humans go through to then deliver a better solution.” She also gave the scenario of a present-day regulator who can benefit from automating processes where they may be short staffed and having to look closer and even more risks.

Read the full article here, for more.

REGISTER TODAY FOR UPCOMING BVI FINANCE EVENTS

REGISTER

BVI FINANCE SUMMER KLATSCH

Let’s celebrate summer, making it this far through the COVID-19 pandemic and the upcoming Festival Season.

Beginning at 4:00 p.m., enjoy AMPLE drinks and DELICIOUS bites as the sun sets, then we turn the heat up with the BVI Quiz at 7:00 p.m. all set to the awesome sounds of Music by Marlon.

Win great prizes by assembling and entering teams of 4 for The BVI Quiz with questions on the Financial Services Industry, BVI linguistics, BVI History and Culture. Teams may consist of firms or families. Be sure to come early to enjoy the food and fuel up for the quiz!

Prizes will be awarded to the winning team, as well as the individual within that team who has the highest score. Also, win a prize for the most festively Caribbean dressed man and woman of the evening (think Taxi Man shirt, floral realness!)

Each team is asked to contribute $40.00. Proceeds will be donated to the Family Support Network. Note that you are able to have more than one team per firm. Please contact events@bvifinance.vg with your attendance confirmation and team names.

OGIER HELPS CELEBRATE GRADUATION AT JOYCE SAMUEL PRIMARY SCHOOL BY PROVIDING GIFTS TO TOP STUDENTS

Member firm Ogier is delighted to be continuing its support for community partner Joyce Samuel Primary School by providing congratulatory gifts for the top students at the 2020 Exit Ceremony.

The graduation day took place on Wednesday 22^nd July 2020 and Ogier provided laptops and printers to be awarded to the top three graduating students as a congratulatory gift as they prepare themselves for secondary school.

Decoy Mactavious, practice manager of Ogier's BVI office, attended the socially distanced event which also marks the first time the school's students, teachers and supporters have been able to come together since the beginning of lockdown restrictions. Commenting, Mactavious said: "This is such an important time for the students, and we're delighted to be playing our part in making it memorable and providing equipment which will help in the next stage of their education."

Ogier's support of Joyce Samuel Primary School is the latest step in a relationship that goes back to 2010 and included assistance with building and equipment replacement in the wake of 2017's Hurricane Irma.

He added: "Over the years we have developed a strong relationship with the school and it has been a pleasure seeing it go from strength to strength.”

Pictured: Decoy Mactavious, Practice Manager, Ogier

Pictured: Joyce Samuel Primary School graduates

RUSSELL CRUMPLER TO JOIN DISCUSSION ON INSOLVENCY FUNDING IN THE OFFSHORE MARKETS

Companies around the world continue to feel the economic burden of COVID-19. Now more than ever, solutions to aid in the restructuring and insolvency context can be crucial in allowing stakeholders to pursue valuable claims that otherwise may have to be abandoned or settled.

Russell Crumpler, Head of Restructuring for KPMG Islands Group & BVI, and BVI Finance Board Director, will be a panelist at the upcoming Burford webcast whose aim is to provide insights from top practitioners in the offshore markets into lessons learned from the 2008 Financial Crisis, what is being seen in the market now, and what is expected to follow in this downturn.

The webinar will be live-streamed on Wednesday 29^th July at 10:00 a.m. EST / 11:00 a. m. AST / 3:00 p.m. BST. Please click here to register.

THE INTERACTION BETWEEN WINDING UP PETITIONS AND ARBITRATION AGREEMENTS IN THE BRITISH VIRGIN ISLANDS

The relationship between arbitration clauses and winding up proceedings is a contentious issue in many jurisdictions and the debate shows no sign of abating. In the BVI, a recent case has further clarified the effect of an arbitration agreement on creditor's winding up proceedings pursued on the basis of a company's insolvency.

In a recent case, Rangecroft Ltd v Lenox International Holdings Ltd, the BVI Commercial Court has further clarified the effect of an arbitration agreement on creditor’s winding up proceedings pursued on the basis of a company’s insolvency. See Jeremy Lightfoot and Cate Wang of Carey Olsen break down the interaction, here.

THE SCHOONER FANCY ME RAN AGROUND ON SOANA ISLANDS REEFS ON THIS DAY IN 1926; 94 YEARS AGO

The Hurricane

On the eve of 23^rd July, the vessel was returning to the British Virgin Islands from the port of San Pedro de Macoris with about eighty-nine passengers when the weather suddenly turned ominous. Onboard was also a small cargo of sugar, mahogany, and coconuts.

The Tragedy

The schooner took one more sudden blow before water gushed in, flooding the hold. Everyone in the cabin below panicked and raced out onto the deck.

The vessel drifted a short distance further before sinking near a rock known as, El Caballo Blanco or the white horse.

Some were trapped inside the cabin as others tried desperately to hold on to floating debris. When the unbelievable news reached Tortola, all were overcome with grief, some to the extent of fainting.

Mr. Wheatley, one of the fortunate survivors, shared his story of hearing the indescribable cries of the passengers. Of the eighty-nine passengers on board, only thirty-five survived. The entire community was grief-stricken. The sinking of the Fancy Me is one of the most tragic events in BVI maritime history.

Just a few years ago Geoffrey Brooks, curator of the Virgin Islands Maritime Museum, wrote an excellent and informative piece on "The Loss of Fancy Me". You can learn more, here.

MINISTER WHEATLEY ISSUES STATEMENT ON EMANCIPATION FESTIVAL 2020

In a statement at the House of Assembly earlier this week, Minister for Education, Culture, Youth Affairs, Fisheries and Agriculture Hon. Natalio D. Wheatley announced the despite the current COVID-19 climate, the BVI will be celebrating its Emancipation Festival 2020. This year’s theme is “BVI Festival 2020: Be Fully Free: Emancipate Yourself from Mental Slavery as we Celebrate our Virgin Islands History!”

This year’s festivities will be celebrated between 31^st July and 5^th August. The festival will consist of both virtual events and physical events observing all the COVID-19 social distancing and sanitization protocols. Hon. Wheatley emphasized that Festival will strictly adhere to safe distancing and sanitization protocols, and the Government is keeping a keen eye on the situation in the Territory as it pertains to the possibility of active cases. Therefore, the current plan is subject to further review, and the public will be informed if there is any reason to change these plans.

Highlights from his statement include:

COVID-19 has provided us with the opportunity to be more creative, to have more focus on our local arts and culture, and to make sure our heritage is properly recognized. The slogan for this year’s celebrations is “Our Cultural Heritage in the Mix as BVI Festival Celebrates its 66!”
There will be a Cultural Food Fair on the 31^st of July - This will be followed with a Virtual Opening Ceremony that will build upon the model of the recent Virtual Territory Day celebrations. Friday will be closed off with a Virtual Poetry Slam.
On the following day, Saturday the 1^st of August, we will have a Farmers Market in Carrot Bay. Last year this was one of the cultural highlights of the Festival with fungi music, food, and other cultural activities.
On Sunday the 2^nd of August we are asking all churches in the Territory to have emancipation church services in the morning.
On August Monday we will be having a Virtual VI Soca Showcase. On August Tuesday we have a Virtual Calypso Review, and we close off our celebrations on August Wednesday with the Festival of Culture and Praise in Long Look/East End.

Hon. Wheatley is also encouraging all, government offices, and other institutions to do their part in celebrating our emancipation by decorating offices, wearing Festival t-shirts and hosting Festival themed events. You can read the full statement, for more.