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International Monetary Fund

as well as the statutory review published in January 2005. This review assessed regulation and supervision in terms of compliance with European Union (EU) legislation and the extent to which FSC practices match those of the U.K. supervisory authorities as required by the FSCO. The FSC staff also prepared a self-assessment of compliance with the BCP. The assessors met the Chief Minister, the Director of the Finance Centre, bankers, and external auditors as well as many of the staff of the FSC. 3. The assessment of observance of each of the Core Principles (CP

International Monetary Fund
Gibraltar’s Detailed Assessment Report of the Observance of the Basel Core Principles is examined. The principal risks are reputational risk, both for the Gibraltar authorities and for the banks, as the bulk of the assets managed are off the balance sheet with the investment risk carried by the client. Credit risk is largely limited to residential mortgage lending and is heightened by the rapid rise in prices both in Southern Spain and in Gibraltar itself.
International Monetary Fund
This paper presents Gibraltar’s assessment of Financial Sector Supervision and Regulation including reports on the Observance of Standards and Codes on banking and insurance supervision. The Financial Services Commission has been assigned significant additional resources and has developed a well-structured approach to the management of its resources that includes a risk-based approach to supervision. The assessment found a high standard of compliance with the Basel Core Principles for banking supervision.
International Monetary Fund

banks by the FSC, principally the Financial Services Commission Ordinance, 1992 (FSCO) and the Banking Ordinance, 1992 and on Administrative Notices, Guidance Notes, Newsletters, and other written material supplied by the Commissioner and his staff. The assessors also read the report of a previous BCP assessment carried out as part of the first Module 2 assessment in 2001 as well as the statutory review published in January 2005. This review assessed regulation and supervision in terms of compliance with the European Union (EU) legislation and the extent to which FSC

International Monetary Fund

) analysis of FSC practices and procedures, and (4) discussions with supervisory staff of the FSC. This ROSC was prepared as a part of the Offshore Financial Center assessment of the territory. This assessment was prepared by Mr. Tomas Power. 106. The IAIS Core Principles Methodology was the standard used by the mission. The legal framework for the British Virgin Islands insurance sector is based on the Financial Services (International Cooperation) Act, 2000, (FSC Act). There is also a sector-specific law and regulations (The Insurance Act of 1994 and the Insurance

International Monetary Fund
The British Virgin Islands (BVI) has most of the essential elements for a suitable framework for financial supervision. There is a weakness with respect to onsite supervision of banking, insurance, and securities sectors; and there is currently no regular and comprehensive examination and compliance program in operation. Although the legal and supervisory frameworks are adequately structured, the implementation of the full range of supervisory measures has not yet been fully achieved. However, the government is implementing a comprehensive examination methodology and plan.
International Monetary Fund
This report provides an assessment of the British Virgin Islands’s (BVI) compliance with the Basel Core Principle for effective banking supervision. The BVI has the preconditions for effective banking supervision. It has specific legislation governing international cooperation and mutual legal assistance. The BVI has designed its antimoney laundering (AML)/combating the financing of terrorism supervisory legislation to apply broadly to banks and trust companies, insurance business, and parallel areas. The financial services commission is responsible for both prudential supervision and ensuring compliance with AML measures.
International Monetary Fund

undertaken as part of the IMF Module 2 for offshore financial centers. The assessment of the FSC’s compliance with the IAIS Insurance Core Principles was based on: (1) a self-assessment against IAIS Core Principles; (2) relevant laws and regulations; (3) analysis of FSC practices and procedures; and (4) discussions with supervisory staff of the FSC. This assessment was prepared by Mr. Tomas Power. Information and methodology used for assessment 52. The standards and practices of the FSC and in particular the Directorate of Insurance were reviewed in comparison to the