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BVI FINANCIAL SERVICES STAKEHOLDERS DISCUSS BUILDING RESILIENT FIRMS WITH CYBERSECURITY
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This week’s BVI Finance Breakfast Forum brought cybersecurity and business resiliency to the fore, with discussions highlighting how awareness and technology can help firms not only identify but minimize risk.
Felice Swapp, Chief Operating Officer at Harneys, and Ryan Geluk, Managing Director BDO British Virgin Islands led Tuesday’s forum with their presentation titled, ‘Cyber Security: Are you safe?’ Both are members of the Information Security System Association or ISSA. ISSA’s core purpose is to “promote a secure digital world.”
The duo asserted that BVI businesses, like those across the globe, are not immune to cyber threats.
Ms. Swapp remarked, “We are all at risk. The question is - how much risk are we willing to tolerate? How much can we absorb? And how do we balance against that? There will always be a risk-balance, risk-cost-benefit trade off, because we cannot fully eliminate all the risk.”
Mr. Geluk commented, “No organization is void from having a cyber-attack. We often hear within the cyber industry, it’s not a matter of if, but when an organization is victim to a cyber-attack...you’ll be exposed to an attack from time to time.”
Click here to read more.
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BVIACO HOSTS SUCCESSFUL 5TH ANNUAL COMPLIANCE CONFERENCE
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The BVI Association of Compliance Officers and Practitioners (the ‘BVIACO’) hosted its 5th Annual Compliance Conference over the course of two (2) days on 1-2 December 2021.
The conference was entirely virtual bringing together notable industry experts and practitioners, both locally, regionally, and internationally, who spoke on relevant topics, emerging issues, and provided updates on recent developments within the sphere of compliance and the financial services industry.
The conference flowed seamlessly and symmetrically highlighting the importance of Compliance Officers and Practitioners to the ongoing fight against money laundering and other illicit crimes and business practices.
Click here to read more.
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WHAT DO STUDENTS AND YOUNG LAWYERS NEED TO LEARN TO BE EFFECTIVE ARBITRATORS
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During Paris Arbitration Week, Janette Brin, MBA and Hana Doumal sat down with Raphael Kaminsky, Partner at Teynier Pic, for a special episode of Arbitration Life. Raphael specialises in commercial litigation, international arbitration and alternative dispute resolution (ADR). His experience encompasses energy, telecommunications, insurance, mining, pharmaceutical, and post-M&A disputes. Raphael has also broad experience in post-arbitration litigation such as setting aside actions before French Courts and enforcement of arbitral awards against sovereign States.
Click here to view.
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KEY BENEFITS OF USING BVI STRUCTURES
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Companies incorporated in the BVI are, by most measures, the most popular offshore holding structure in the world. Whilst offshore vehicles are used for a wide variety of different purposes globally, there are a number of common factors which feed into the success of the BVI product. Whilst the most popular BVI vehicles are companies, BVI trusts and partnerships are also increasing in popularity.
Many of the BVI’s advantages are common to numerous other jurisdictions (English language, absence of currency exchange controls, US dollar as a currency, stable democracy, common law legal system with final appeal to the Privy Council in London).
Click here to read more.
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SNAPSHOT: ENFORCEMENT OF SECURITY IN THE BVI
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In relation to a secured party enforcing its rights under a mortgage or charge of shares in a BVI company, the secured party will typically exercise its rights under BVI law to sell the shares or to appoint a receiver in respect of them. Such rights may generally only be exercised after a default has occurred and has continued (without rectification for 14 days following notice of the default) for a period of at least 30 days. These time periods can be shortened by contractual agreement in the relevant security document.
Click here to read more.
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UPCOMING EVENTS
BVI Insolvency Webinar 101
7th December | 10:00 a.m.
History Quiz Night
13th December | 6:00 p.m.
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