British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment
IMF Staff Country Reports, October 25, 2010
Source details
- Canonical URL
- British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment
Other formats
Bibliographic details
- Published: October 25, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455208746.002
Overview and scope
- Focus: financial regulatory policies and stability.
- Context: The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is a key component of the economy.
- Rationale: Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program.
- Legal/regulatory instrument noted: Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers.
Key findings
- The banking system has been insulated from global financial shocks.
- Many critical elements develop a robust and proportionate crisis management framework.
- Emphasis on the role of the FSC under the FSCA in regulatory, supervisory, and enforcement capacities.
Subjects and keywords
- Subjects: Banking, Commercial banks, Economic sectors, Financial institutions, Financial sector, Financial services, Insurance, Mutual funds.
- Keywords: business company, BVI authorities, BVI bank, BVI business company, BVI incorporation, BVI insurance industry, BVI law, BVI tourism sector, Caribbean, Commercial banks, CR, Financial sector, FSC authority, FSC staff, Global, Insurance, ISCR, Mutual funds.