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

October 25, 2010

Preview Citation

Format: Chicago

British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2010) accessed November 23, 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

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports