BVI Finance This Week 29/10/21

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31Oct

BVI Finance This Week 29/10/21

31 Oct, 2021 | View Counts (546) |Return|

FRIDAY 29 OCTOBER 2021

GAMING AND BETTING CONTROLS IN THE BVI

Michael Killourhy

Rebecca Clark

The Gaming and Betting Control Act 2020 (the Gaming Act), which commenced on 9 July 2021 and was further amended in October 2021, seeks to legalise and regulate gaming and gambling activities which were previously banned in the British Virgin Islands (BVI).

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BRITISH VIRGIN ISLANDS INTRODUCES DATA PROTECTION ACT

The Data Protection Act, 2021 (the "DPA") came into force on 9 July 2021 in the British Virgin Islands ("BVI").

In summary, any entity established in the BVI that handles any individual's personal information has certain obligations with respect to that information. These include ensuring that any such individual is formally apprised of what any of their personal data is being used for, and by whom. The entity is also responsible for personal information processed on its behalf by a third party processor.

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SNAPSHOT: CAN YOU ASSIGN A CHOSE IN ACTION IN BVI LAW?

Christian Burns-Di Lauro

A chose in action means a property right or the right to possession of something that can only be obtained or enforced through legal action - it's an 'intangible', for example, a receivable, a right to recover money or a debt.

BVI statute does not currently provide for the legal assignment of a chose in action governed by BVI law and does not have an equivalent of Section 136 of the English Law of Property Act, 1925.

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OFFSHORE SPACs IN ASIA - THE NEXT CHAPTER FROM A BVI PERSPECTIVE

2020 saw an explosion of special purpose acquisition companies (“SPACs”) in the United States that was largely driven by favorable economic returns to SPAC IPO sponsors, liquidity and pricing certainty offered by SPACs to target companies and investors. The extended low-interest rate environment and the speed to market that SPACs offer compared to traditional IPOs has also played a significant role.

Although an initial drop of SPAC activity characterized the second quarter of 2021 - due to the US Securities and Exchange Commission’s concerns regarding forward looking statements and the accounting treatment of warrants - 2021 looks set to be another record-breaking year for SPACs with around US$110 billion raised in capital as at 15 April 2021.

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JOB OPPORTUNITY AT THE BRITISH VIRGIN ISLANDS FINANCIAL INVESTIGATION AGENCY

The Financial Investigation Agency’s (the Agency) Supervision and Enforcement Unit is seeking to fill the post of:

Compliance Examiner
Compliance and Outreach Examiner
IT Manager

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THE HOUSE THAT MATHAVIOUS BUILT:

BVI to Celebrate Dr. Robert Mathavious’ Legacy

We are delighted to host this very special Conference on Wednesday 17th and Thursday 18th November, 2021. Beginning with a black-tie Gala with our keynote Pascal Saint-Amans, Director of the Center for Tax Policy and Administration at the OECD and followed by a panoply of presenters and panelists drawn from around the globe, including many of our own imminently qualified and experienced professionals, this is an event that you do not want to miss!

What better time to celebrate Dr. Mathavious, but also to chart the way forward in international business and financial services? A global mind-set that can understand and navigate through the worldwide market dynamics, while at the same time, possessed of a local mindset to understand the social, economic, and political climate that is at the base of the operations of the financial services industry, is critical to charting the way forward for all our jurisdictions.

Click here to read more and register.