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In Sarah Jakes Roberts book, Don’t Settle for Safe: Embracing the Uncomfortable to Become Unstoppable, she says that “Our people will learn to live in less than their potential because no one was willing to say “enough is enough.”
As we here in the British Virgin Islands (BVI) commemorate 186 years of Emancipation from slavery, we are grateful to ancestors who had the courage to say, “enough is enough” and fight for their emancipation.
Certainly, 2020 has been the year of a shift in the global community – things are changing – and it gives us hope that if we pay attention and look for the lessons in the shift, we will find lessons to apply to our present and to our future, that will allow us to become truly emancipated.
So whether we are talking about issues of the global pandemic, systemic racism, constitutional advancement, or pressures from external forces who seek the demise our financial services industry, may we like our ancestors, not settle for safe, and say “enough is enough” and truly embrace Emancipation and its Unstoppable potential.
Happy Emancipation Week!
Elise Donovan,
Chief Executive Officer
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FSC FINTECH REGULATORY SANDBOX TO LAUNCH NEXT MONTH
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The BVI Financial Services Commission (FSC) is gearing up to launch its FinTech Regulatory “Sandbox” on August 31, which will provide financial institutions with the digital infrastructure to test new products and services.
In a presentation titled: “Playing in the Sandbox: The BVI Embraces FinTech”, by FSC Deputy Director of Investment Business Mrs. Kishelle Blaize-Cameron and FSC Director of Enforcement Mr. Brodrick Penn, the FinTech Sandbox Life Cycle was thoroughly explained from application to launch and exit.
Mr. Penn opened the July 30 BVI Finance Webinar by giving assurances from the Commission’s senior management team that they are “fully embracing” the new direction, and are “ensuring that advancements in innovation in financial services business continue”.
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Mrs. Blaize-Cameron laid out the objectives for the sandbox, which include: “promoting efficiencies by encouraging new solutions; leveraging existing or new technology in an innovative way in order to deliver new financial products or services or to improve business processes; providing regulatory clarity on whether a new financial product or service complies with legal and regulatory requirements; and developing a targeted regulatory response”.
She also described the Sandbox Life Cycle, which includes the application and considerations process; the launch stage, where approved applicants are given 90 days to launch their FinTech operation; the testing stage which lasts up to 18 months (with a six-month extension in particular cases); and the existing stage.
To read full article, click here.
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Pictured: FSC Director of Enforcement, Brodrick Penn
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Pictured: FSC Deputy Director of Investment Business, Kishelle Blaize-Cameron
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HURRICANE PREPAREDNESS IN THE MIDST OF PANDEMIC
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In a presentation titled: “Hurricane Preparedness in the Midst of a Pandemic”, a team from the Department of Disaster Management (DDM) highlighted the need to prepare homes, businesses and selves especially while living in a “multi-hazard environment” such as the BVI.
To that end, Planning and Preparedness Manager Ms. Sheniah Armstrong explained that 2020 is an “above normal” hurricane season, the BVI is a seismically active zone, and is affected by the current COVID-19 pandemic. Ms. Armstrong was joined by co-facilitator Deputy Director Dr. Evangeline Innis during Tuesday’s webinar.
Know Your Terms
The Atlantic hurricane season runs from June 1 to November 30. The preparedness manager emphasised the need to “know your terms” and went on to elaborate on key terminologies used during the season. A hurricane warning means that tropical storm or hurricane conditions are expected in an area within 36 hours and persons should prepare for impact. A hurricane watch means that tropical storm or hurricane conditions may affect an area within 48 hours and persons should prepare for possible impact.
To read full article, click here.
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Pictured: Ag. Deputy Director Planning and Preparedness Manager, Sheniah Armstrong
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Pictured: Ag. Director Dr. Evangeline Inniss
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ERNST & YOUNG RECOGNIZES HIGHEST ACHIEVERS IN ACCOUNTING
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Pictured: Colm Edwards, Restructuring Manager at EY with students
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Member firm Ernst & Young (EY) continues to honour their commitment to recognize and reward the highest achievers in Accounting at the H. Lavity Stoutt Community College, the Elmore Stoutt High School and the Bregado Flax Educational Centre. In 2012, as part of that commitment, EY in the British Virgin Islands established the Ernst & Young Achievement Award for Academic Excellence. This year’s award recipients are:
- Sabrina Stewart – H Lavity Stoutt Community College
- Zakila Frett – Elmore Stoutt High School
Commenting, Managing Partner at EY Roy Bailey said: “We are delighted to congratulate these hard-working students and to give them this well-deserved recognition. Through their own dedicated efforts and desire to succeed, and the encouragement that we are able to provide them, we are confident that this will act as further inspiration for them achieving future academic success and fulfilling careers”.
BVI Finance is pleased to join EY in congratulating this year’s recipients!
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BVI FINANCE SPONSORS BVI RUGBY CLUB FUNDRAISING EVENT
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The BVI Rugby Club hosted a fundraising wine tasting event that raised over $3,000 to help further develop rugby talent in the BVI community.
In his speech, Jeff Kirk, Managing Partner of Appleby BVI, thanked the various sponsors contributing to the wine tasting event, and also the key sponsors of BVI Rugby, namely: FFP, EMCS and BVI Finance.
Commenting on the event, Simon Gray, Head of Business Development and Marketing at BVI Finance said, "BVI Finance is pleased to be a part of such an important cause, as we recognise how closely involved so many BVI Finance members are in this sport."
Members include Deloitte; Appleby; SHRM; Harneys; Carey Olsen; Lennox Patton; AMS; Ogier; Hatstone; Emery Cooke; Maples; Baker Tilly; CVR, Campbells and Gary Cottreau of Kuralu Daysail Charters.
The well-attended fundraiser was held at Village Cay on Friday 24th July, who also sponsored a gift voucher. Special mention is given to Eureka Kirk, the hero of the event, who put everything together and kept everyone in check.
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OFFSHORE BUSINESS UPDATE: BRITISH VIRGIN ISLANDS
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BVI CELEBRATES 186 YEARS OF EMANCIPATION AND 66 YEARS OF FESTIVAL
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The timeline of Israel’s 40 years in the wilderness perplexes the best Bible students. Imagine then, living for 40 years after graduating from the British Virgin Islands High School (BVIHS) in an uncertified but tropical wilderness, with no documented proof that you had attended the BVI High School, let alone graduated. This was the story of the BVI High School Class of 1971. A list of who’s who in BVI business, education, ecclesiastical affairs, politics, pageantry, management and government who never received certificates to chronicle their years spent at the school.
“It was a different time”, recalled Olga Smith-Rabsatt, who along with two other classmates, Sylvia Donovan-George and Marva Martin led the charge to then Minister of Education and Culture, Hon. Andrew Fahie, requesting and demanding that something be done about the 40-year oversight. The Minister admitted that during his first tenure in office from 1999- 2003, he was “unable to right that wrong”, but was happy that the Ministry was able to correct it in 2011.
To read full article, click here.
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BVI FINANCE SUMMER KLATSCH
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