British Virgin Islands Join IOSCO

Bob Reynolds

18 April 2007

The British Virgin Islands Financial Services Commission has been admitted as a member of the International Organisation of Securities Commissions. The invitation follows a series of key changes to the jurisdiction’s regulatory regime. The BVI is the first country to be admitted to ordinary membership of IOSCO based on changes made to its legislative framework. The offer of full membership, says the FSC, is recognition of the extent of enhancements made to the regime. IOSCO’s members regulate more than 90 per cent of the world's securities markets in more than a hundred jurisdictions. Robert Mathavious, CEO of the FSC, said: “We are delighted at IOSCO’s recognition of the efforts we have made in recent years to foster international cooperation in full compliance with all international standards affecting our industry. Being a member of IOSCO is an important accomplishment that confirms the BVI as one of the premier and most effectively regulated offshore jurisdictions in the world. It is the culmination of a long process in which we have made extensive progress and improvements to our regulatory regime under the principles outlined by the IOSCO.”