BVI, which for many is a synonym for an offshore haven and lax regulation, is no longer such. While it is still a place where corporate tax is 0%, its financial sector and regulation has undergone a major overhaul. Getting a financial license in BVI is now almost as difficult as getting it in Europe. Of course for investors BVI will always sound as a place for monkey business but the tiny island is adamant to change this perception and is strictly enforcing its new rules. BVI’s FSC also reluctant to handout too many financial licenses therefore any firm applying should expect quite a lengthy (about a year) and costly (100k+) process.
TORTOLA, British Virgin Islands, June 6, 2011 – Gallant Capital Markets (Gallant) announced today that the British Virgin Islands Financial Services Commission (BVIFSC) approved its application for an investment business license. The license allows Gallant to deal in investments as a principal. Receiving this license from the Financial Services Commission (FSC) of the British Virgin Islands (BVI) is particularly noteworthy as Gallant is the first and currently the only Forex broker-dealer domiciled in the BVI to be authorized and regulated by the FSC under the Securities and Investment Business Act of 2010 (SIBA), which is the new regulatory regime which now regulates this type of investment business activity in the BVI.
BVI confirmed its growing importance as a financial center in the latest Global Financial Centres [sic] Index (GFCI) ratings. It was the only offshore financial center to rise in the GFCI ratings. The improvement comes as other offshore jurisdictions continue to decline, a trend that began with the global financial crisis in 2008. Equally important, the International Monetary Fund reported in October 2010 that public revenues have remained steady in the BVI since 2008. The same report pointed out that the BVIFSC remains a full partner in international, information sharing.
Adding Gallant’s investment business license to deal in investments as a principal to its powerful suite of products and services raises the bar for its competition, enabling Gallant to offer its services within the confines of a respected regulatory framework, advancing its commitment to expanding its products and services for its global clientele.
“Both receiving and being the first to receive an investment business license from the BVIFSC to deal in investments as a principal is exciting and a huge milestone for our company. It symbolizes our commitment to our global clients, and it adds momentum to our continuing effort to expand our company through our products and services,” said Salvatore Buccellato, CEO of Gallant Capital Markets.
The BVIFSC is the regulatory authority for all financial services businesses operating in the BVI. This highly regarded body regulates all financial services conducted within the BVI, and it ensures compliance with international standards and best-conduct business practices.
About Gallant Capital Markets:
Gallant Capital Markets is one of the world’s leading providers of Forex trading technologies and services to private and institutional traders. Gallant’s clientele have long benefited from strong products and quality services. Gallant’s Order Management System (OMS) is key to its proprietary “Straight Through Processing” technology, powering its trading platforms. Gallant offers trading on the following platforms MetaTrader 4, MetaTrader 5, and Mirror Trader.
Gallant’s renowned Partner Programs are ideal for Introducing Brokers, Money Manager Solutions, and White Label Services.
Securities and Investment Business Act, 2010 License#: SIBA/L/11/0964.