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Financial services providers given extension on operating outside BVI

Financial services providers given extension on operating outside BVI

Financial services providers that are currently operating outside of the BVI due to the effects of COVID-19 have been given another two months to continue these operations.

This is because government has extended to December 31, the order made earlier this year that allows businesses to move operations outside of the territory because of COVID-19. It has been extended several times since COVID-19 started affecting the BVI.

The number of financial services providers operating outside the BVI due to COVID-19 is unclear.

The order was made under the new Financial Services (Exceptional Circumstances) Act 2020, which was passed in March this year.

It allows financial services providers to relocate outside the BVI and elsewhere within the territory during or after an ‘exceptional event’.

The legislation replaces the Financial Services Continuity of Business Act of 2017, originally created in the aftermath of the 2017 hurricanes to allow businesses to continue their operations in neighbouring countries.

An excerpt from the new Financial Services (Exceptional Circumstances) Act 2020 showing some of the purposes of the legislation.

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