The British Virgin Islands will have new laws on private trust companies from 1 January 2007, according to Robert Mathavious, managing direc...

The British Virgin Islands will have new laws on private trust companies from 1 January 2007, according to Robert Mathavious, managing director and chief executive officer of the BVI Financial Services Commission.

Legislation will be introduced by amending the Financial Services Commission Act and issuing a new regulatory code under the act that will enable certain categories of companies to apply, on a fast-track basis, for exemptions from the licencing requirements and other provisions of the BVI’s Banks and Trust Companies Act.

Most unremunerated private trust companies which do not offer their services to the general public will be able to apply for the new exemption from the provisions of the Banks and Trust Companies Act.

Unremunerated BVI companies which only hold assets as nominees or “bare trustees” and which do not offer their services to the general public will be automatically exempted from the requirements of the act.It is also likely that those exemptions will take retroactive effect.