The Financial Services (Continuity of Business) Act, 2020 (the Act) came into force on 28 March 2020. It was enacted to provide for special measures to support the continuity of financial services business either from within or temporarily outside the Virgin Islands in an “exceptional circumstance”.
Private investment funds (PIFs) currently operating in the Virgin Islands must apply to the Financial Services Commission for recognition by 1 July 2020. In this guide, we outline the key steps to consider when preparing your entity’s application for recognition as a PIF.
The mitigation measures that have been put into place by governments to deal with the coronavirus outbreak have disrupted the availability of customers, labour and materials and will inevitably impact how businesses are able to comply with their contractual obligations. Our guide summarises some of the issues for businesses to consider when faced with the prospect of the non-performance of contractual obligations.
BVI employers should monitor the impact of the coronavirus outbreak and take steps to protect their employees and their business. Our guide summarises the legal obligations of employers in the workplace and addresses some of the more common questions and concerns that employers may have in this rapidly developing area.
A change in an individual’s status can have an impact on his or her employment, business, and property interests. While the exact nature of any impact will be determined by individual circumstances, our guide outlines several areas for consideration.