BVI Financial Services Commission Recognises Overseas Stock And Commodities Exchanges

Background

The BVI Financial Services Commission (FSC) has issued the Regulatory Code (Recognised Exchanges) Notice, 2015 (the Notice) under powers set out in the Regulatory Code, 2009 (the Code). The Notice is effective as of 15 January 2016. The "recognised exchanges" referred to include some of the most important stock and commodity exchanges in the world, a full list is set out at the end of this note. 

Why is the Notice relevant?

In very general terms, companies listed on recognised exchanges are entitled to benefit from light-touch KYC and customer due diligence processes when dealing with or being serviced by BVI regulated credit or financial institutions.  

More specifically, and conversely, BVI regulated credit or financial institutions (technically "relevant persons" as defined in the Anti-Money Laundering Regulations, 2008) may rely on savings in BVI anti-money laundering legislation, principally the 2008 Regulations and the BVI Anti-Money