IMF Staff Country Reports

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

October 25, 2010

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British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2010) accessed September 18, 2024

Summary

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.

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

Publication Details

  • Pages:

    30

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2010/324

  • Stock No:

    1VGBEA2010002

  • ISBN:

    9781455208753

  • ISSN:

    1934-7685