The Round Table meeting in London was held on Monday, January 20, 2025, at JW Marriot’s Grosvenor House. Photo: YouTube

Managing Director and CEO of the BVI Financial Services Commission (FSC) Mr Kenneth B. Baker identified the visit to Hong Kong as a means of gathering vital input on the financial services legislative framework. Photo: FSC

As with the recent Forum in Tortola, the headline topic for both international events was the new beneficial ownership regime, where the Commission explained its responsibility to receive and maintain adequate, accurate, and up-to-date BO information; a duty which is being executed through the Commission’s Registry of Corporate Affairs Division.

The central themes of the Forum and the Round Table meeting discussions were data transparency, operational efficiency and regulatory compliance, a press release from the FSC stated.

Meet the Regulator Forum – Hong Kong

The Hopewell Hotel in Wanchai, Hong Kong was bustling on January 16, 2025, as 120 stakeholders from the Asia-Pacific region converged on the Pearl Pavillion conference room to participate in an interactive Regulator-stakeholder Forum. Commission delegates delivered highly anticipated presentations on the new BO filing obligations to guests from China, Taiwan, Singapore, Hong Kong, and other Asia-Pacific localities.

Managing Director and CEO Mr Kenneth B. Baker greeted participants, reminding them of his October 2023 commitment to strengthening Commission ties with the region, a promise which he said had been firmly delivered upon, with the Forum representing the fourth such Commission face-to-face interaction in the region, since his initial statement.

Mr Baker further identified the visit as a means of gathering vital input on the financial services legislative framework. He stated, “Hong Kong … [is] a vital hub for our global financial services network.” He continued, noting that the Commission was committed to consultation in Hong Kong and other financial hubs like London, Singapore, China, and Panama since “seeking input from global partners as we refine the legislative framework … reinforces a crucial truth: effective regulation is built on collaboration, and collaboration thrives on trust, transparency, and inclusivity”.

Other executives making up the delegation included Deputy Managing Director for Operations – Mr Brodrick Penn, who spoke on the background and rationale for the BO regime, how the regime was being operationalised, and implementation timelines. Deputy Managing Director for Regulation – Mr Glenford V. Malone, who discussed legislative changes and the importance of industry players familiarising themselves with the new requirements, many of which took effect on January 2, 2025.

One-on-One Meetings – Hong Kong

During the delegation’s Hong Kong visit, the Commission capitalised on the opportunity to conduct industry stakeholder outreach via closed meetings.

A total of 18 separate meetings were held between January 14-17, 2025 with Trust and Corporate Services Providers (TCSPs), legal advocates, and family offices.

According to Mr Shane Baptiste, Director of the Asia Representative Office, the “sessions focused on addressing specific enquiries related to the Beneficial Ownership regime and other filing requirements as well as the future of the industry”.

He further stated that during the meetings, the Commission was able to gather crucial information regarding growth opportunities in Asia and concerns and challenges being faced by representatives.

BVI Financial Services Round Table – London

Following the Hong Kong Forum and meetings, the delegation travelled to London for a ‘BVI Financial Services Round Table’ meeting with over two dozen participants from the trust and corporate, and legal sectors.

The Round Table meeting was held on Monday, January 20, 2025, at JW Marriot’s Grosvenor House.

The Round Table meeting was met with the usual enthusiastic industry engagement, with attendees offering insightful feedback and also seeking clarity on issues like policy and implementation.