British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision
IMF Staff Country Reports, October 25, 2010
Source details
- Canonical URL
- British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision
Other formats
Bibliographic details
- Published: October 25, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455208753.002
Legal and regulatory framework
- The assessment considers the Banks and trust Companies Act, Financial Services Commission Act, and the Regulatory Act.
- 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.
Preconditions for effective supervision
- The preconditions for effective banking supervision are present in the BVI.
- The FSC has sufficient autonomy, powers, and resources with clear responsibilities and objectives.
Licensing and investment limits
- The FSC does not impose specific limits on investments but reviews bank-imposed limits.
Supervisory practices
- The FSC has a well-developed system of ongoing supervision in place.
Subjects and keywords (as listed)
- Subject: Bank licensing, Bank supervision, Banking, Basel Core Principles, Financial regulation and supervision, Financial services, Market risk
- Keywords: bank, Bank licensing, Bank supervision, Basel Core Principles, BVI bank, capital base, Caribbean, CR, East Asia, FSC onsite inspection, FSC reviews compliance, FSC staff, FSC's policy, Global, ISCR, license bank, Market risk, overseas bank, parent bank, reviews bank-imposed limit, shell bank, subsidiary bank
Content in this bundle
- _cr10324 — Summary Compliance with the Basel Core Principles—Detailed Assessments