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Ogier | British Virgin Islands | 23 Sep 2021

BVI Data Protection Act

The Data Protection Act (DPA) came into force on 9 July 2021. Prior to the introduction of this new legislation, there was no specific data protection legislation in the British Virgin Islands. Persons who are private bodies and who process personal data will need to make changes to their data processes and procedures to ensure their compliance with the DPA. Some of the necessary changes will......
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Ogier | British Virgin Islands | 17 Sep 2021

Extension of economic substance requirements to limited partnerships without legal personality

The Economic Substance (Companies and Limited Partnerships) (Amendment) Act 2021 extends the economic substance regime under the Economic Substance (Companies and Limited Partnerships) Act 2018 to limited partnerships without a legal personality. Following its enactment, there will be a six-month transitional period for existing partnerships without a legal personality that were formed before......
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Ogier | British Virgin Islands | 16 Sep 2021

Extension of economic substance requirements to limited partnerships without legal personality

The Economic Substance (Companies and Limited Partnerships) (Amendment) Act 2021 extends the economic substance regime under the Economic Substance (Companies and Limited Partnerships) Act 2018 to limited partnerships without a legal personality. Following its enactment, there will be a six-month transitional period for existing partnerships without a legal personality that were formed before......
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Ogier | British Virgin Islands | 14 Sep 2021

Annual return reporting requirements for all fiduciary services licensees

The Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 came into force in February 2021. The British Virgin Islands Financial Services Commission has introduced new annual return reporting requirements for certain categories of licensees, including trust companies, investment managers or investment advisors and fund administrators.
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Ogier | British Virgin Islands | 9 Sep 2021

Annual return reporting requirements for all fiduciary services licensees

The Financial Services (Prudential and Statistical Returns) (Amendment) Order 2021 came into force in February 2021. The British Virgin Islands Financial Services Commission has introduced new annual return reporting requirements for certain categories of licensees, including trust companies, investment managers or investment advisors and fund administrators.
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Ogier | British Virgin Islands | 26 Aug 2021

Application for interim relief in support of foreign proceedings is given statutory footing

The Eastern Caribbean Supreme Court (Virgin Islands) (Amendment) Act 2020 came into force in January 2021. The two areas that this amendment affects are interim injunctions and receivership orders, and Norwich Pharmacal orders. The new statute provides for claims that it has been possible to bring in the British Virgin Islands for a while, but this gives them a much more stable footing.
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Harneys | British Virgin Islands | 6 Jun 2019

Taking charge: Commercial Court delivers judgment on its jurisdiction to grant charging orders

The Commercial Court recently confirmed that the BVI courts have jurisdiction to grant charging orders. Charging orders are a critically important tool, particularly when enforcing foreign judgments, as they allow creditors to take a proprietary interest over assets owned by a debtor and can ultimately facilitate the sale of such assets to allow creditors to realise their debts.
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Harneys | British Virgin Islands | 30 May 2019

Scope of disclosure orders and contempt of court

A BVI court recently considered a contempt application seeking further disclosure by way of an 'unless' order and whether cross-examination of the respondents should be ordered to determine the issue of contempt. This decision highlights the exceptional nature of cross-examination orders and the high standard of proof required for contempt orders.
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Harneys | British Virgin Islands | 2 May 2019

Relief all round – Court of Appeal upholds relief from sanction

The BVI Court of Appeal recently denied an appellant declaratory relief and upheld the respondents' relief from sanction, as granted by the lower court. While this judgment will inevitably provide some comfort to those that find themselves facing sanctions having inadvertently failed to comply with a rule, practice direction or order, it is a timely reminder for everyone that it is better to......
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Harneys | British Virgin Islands | 25 Apr 2019

No more second chances: Court of Appeal guidance on strike out

The Court of Appeal recently clarified the procedural considerations required following the strike out of an action pursuant to Civil Procedure Rule 26.3. All three of the appellants' procedural grounds of appeal were rejected by the court, which held that (among other things) a judge must give a party which has a defective pleading an opportunity to put right any defect.
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