British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision

International Monetary Fund

No 2010/324, IMF Staff Country Reports from International Monetary Fund

Abstract: The Banks and trust Companies Act, Financial Services Commission Act, and the Regulatory Act are considered for banking supervision. The assessment is also based on a self-assessment prepared by the Financial Services Commission (FSC). British Virgin Islands (BVI) law provides three classes of banking licenses. The preconditions for effective banking supervision are present in the BVI. The FSC has sufficient autonomy, powers, and resources with clear responsibilities and objectives. The FSC does not impose specific limits on investments but reviews bank-imposed limits. The FSC has a well-developed system of ongoing supervision in place.

Keywords: ISCR; CR; bank; FSC staff; FSC reviews compliance; BVI bank; capital base; FSC onsite inspection; parent bank; shell bank; license bank; subsidiary bank; FSC's policy; reviews bank-imposed limit; overseas bank; Bank supervision; Market risk; Basel Core Principles; Bank licensing; Caribbean; East Asia; Global (search for similar items in EconPapers)
Pages: 30
Date: 2010-10-25
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