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BVI FINANCE ANNUAL GENERAL MEETING

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The Annual General Meeting (AGM) for BVI Finance Ltd will be held on Thursday, 28 January 2021. At this very important AGM, elections will be held to elect six new directors, who will serve on the board for two one-year terms and four two-year terms.Â
As this is a members-only meeting, if you have not already registered to become a member or renewed your membership, please make sure you do so by Wednesday, 27 January 2021. When you register by that date, you get an opportunity to participate in and vote for the new directors at the AGM.
We also welcome you to submit the name of the person who will be voting on behalf of your firm no later than Monday, 25 January 2021, to members@bvifinance.vg. We also welcome you to submit nominations for directors.
We thank you for your support throughout the years and look forward to working with you for a productive and successful 2021.
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BVI COURTS REJECTS “IMPROPER PURPOSE� ARGUMENT IN AN APPLICATION TO SET ASIDE STATUTORY DEMAND
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In the recent judgment of the ECSC in the matter of Sumner Group Mining Limited v Zica S.A (BVIHC (Com) 2020/0171, Walkers successfully represented the respondent in defending an application to set aside a statutory demand. Jack J provided helpful guidance on the legal principles in circumstances where it is alleged that a statutory demand had been served improperly for a collateral purpose.
The applicant sought to set aside a statutory demand on the basis of either:
- there was a substantial dispute as to the debt owing (pursuant to section 157(1) of the Insolvency Act 2003); or
- in the alternative, that substantial injustice would be caused "for some other reason" (pursuant to section 157(2)(b) of the Insolvency Act).
The applicant argued that the same considerations apply to setting aside a statutory demand to the Court's ability to refuse to appoint a liquidator where the appointment is not made for a proper purpose.
Click here to read more.
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DELOITTE BVI RELEASES ITS FY20 CORPORATE RESPONSIBILITY & SUSTAINABILITY (CR&S) REPORT
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The Deloitte British Virgin Islands FY20 Corporate Social Responsibility report highlights our commitment to driving societal change through working with charitable organizations, promoting environmental conservation and contributing to a sustainable and prosperous future for our local community.
Fiscal year 2020 brought a new set of challenges and unique opportunities for charitable giving. It involved our teams coming together to create lasting value by selecting various charitable initiatives that aligned to our Corporate Social Responsibility pillars. Through pro bono and skills-based volunteering, relationships with non-profits, charitable giving and other initiatives, our professionals demonstrated passion for making a positive impact in the community.
Click here to read more.
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EMBRACING DIGITAL INNOVATION
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The British Virgin Islands (BVI) has a long track-record of promoting digital innovation and leveraging the full power of digital capability. The BVI, like other International Financial Centres (IFCs) more generally, provides agile, sophisticated, and yet cost-efficient financial products within a supportive regulatory and business environment. www.worldcommercereview.com
For example, the BVI’s Incubator Funds are especially well-suited for digital asset start-ups. There has been much interest in these funds which provide start-ups with an easy-to-use platform without punitive administrative costs and enable a new manager to get established without having to appoint local directors.
This environment also provides valuable opportunities for digital asset start-ups to thrive. The jurisdiction’s progressive corporate law fosters international trade while ensuring compliance with global regulatory standards. As a result, it is becoming increasingly attractive to structure investment vehicles in established jurisdictions like the BVI that provide the right balance between stability and attractive economic incentives.
Click here to read more.
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BVI’S INNOVATION STRIKES HIGH NOTES DURING OPALESQUE ROUNDTABLE
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BVI’s innovative products and legislation stimulated much discussion during a recent Opalesque Roundtable Series on Innovation titled: “The Great Disruption: Innovation, Digitization & Multiplicity of Value Systems�.
The virtual event, sponsored by BVI Finance, saw the participation of seven senior financial professionals including Simon Gray, Head of Business Development and Marketing – BVI Finance; Lodewijk Van Setten, Senior Counsel - Walkers; Hannah Terhune, Chief Legal Officer – Capital Management Law Group; Lisa Lou, President – Bank of Asia (BVI); Rebecca Jack, Senior Associate – Appleby; Denis de Montigny, PhD, CFA, CPA, Founder and CEO – FinSpark; and Rik Willard, Founder & Managing Director – Agentic. The discussion was moderated by Matthias Knab, Founder of Opalesque.
BVI Sandbox
While Lisa Lou asserted that BVI is already attracting some funds that include digital asset portfolios, Rebecca Jack indicated that the Sandbox regime is specifically designed to attract those types of businesses.
The BVI Sandbox Regime, introduced in August 2020, “allows businesses experimenting with emerging technology to find the balance between regulatory oversight, and mitigating start-up costs for products under development,� said Ms. Jack.
The Appleby associate continued, “[The Sandbox] is designed to host firms and projects for longer periods compared to many others in the market. While the UK Sandbox is available for three to six months, the BVI offers 18 months, and then with the option for another six months after that. This allows greater time for market testing, and getting products up and running and ready for more fulsome regulation, if that is appropriate.�
Click here to read more
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BVI FINANCE CONGRATULATES KAY-LINDA RICHARDSONÂ
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Morgan & Morgan has announced the promotion of Ms. Kay-Linda Richardson to the role of Senior Officer, with the designation of Manager of MMG Trust (BVI) Corp.
The approval was granted by the British Virgin Islands Financial Services Commission, pursuant to section 19(2) of the Banks and Trust Companies Act, 1990, section 15 and Schedule 1A of the Regulatory Code, 2009 and the Guidelines for the Approved Persons Regime.
In her new role, Ms. Richardson will also assume additional team leadership responsibilities while maintaining focus on the Company´s complementary range of services and supervising the processes to comply with new international regulations for greater transparency.
With almost 30 years’ background in the fiduciary and corporate services industry, Ms. Richardson has concentrated her practice in administrative and corporate management, as well as establishing and implementing procedures and controls based on the BVI Financial Services Commission requirements.
Ms. Richardson has an International Diploma in Management from the Chartered Management Institute, the level 4 Certificate in International Finance and Administration with ICSA, The Corporate Governance Institute and has attended several workshops and seminars related to corporate formation and management, trusts, compliance, and regulatory matters, among others.
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BITCOIN: BLACKROCK ALLOWS ITS FUNDS TO INVEST IN BITCOIN FUTURES FOR THE FIRST TIME
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In financial news of interest, the Independent has reported that BlackRock, the world’s largest asset manager, will allow two of its funds to bet on bitcoin for the first time.
The funds will not be permitted to own bitcoin themselves and can only trade in futures that are listed on regulated US exchanges. Despite these limitations, the policy marks a turning point for BlackRock, one that is likely to be promoted by speculators as a sign of cryptocurrency’s increasing legitimacy.
Click here to read more.
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2020 FINANCIAL SERVICES AWARDS VOTING
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This new year brings us the opportunity to celebrate our accomplishments of the past year. There is no better nor easier way to do so than to vote for your top person or business in each award category for the 2020 Financial Services Awards.
Please save the date and join us for the Awards Gala on 25th February, 2021.
Click here to vote.
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