The first quarter of 2007 has been a very good one for the BVI. On the back of a continued golden period for much of the global economy, the BVI continues to boom. The Financial Times Special Report on the BVI, which was published on 9 March, paid a glowing tribute to the way in which the BVI has continued to develop and position itself.

On 22 April 2008 the Eastern Caribbean Court of Appeal handed down its decision in Alfa Telecom Turkey Limited v Cukurova Finance International Limited, reversing the original decision of the British Virgin Islands High Court.

The British Virgin Islands Financial Services Commission announced on 9 September 2008 the introduction of an annual financial reporting regime, which will require all funds to file a Mutual Funds Annual Return each year.

After much anticipation, the BVI has enacted the Securities and Investment Business Act, 2010.

Two recent US cases in New York have provided some useful insights into the treatment by the US Courts in New York of applications made under Chapter 15 of the US Bankruptcy Code for non-US insolvency proceedings to be treated by the US Courts as the main proceedings for the liquidation of non-US entities.