Work plan
In the coming year, the Financial Services Commission will upgrade its computerised search system, strengthen its relationships with industry and government representatives, and invest in its human resources, the commission announced. According to its recently released Strategic Work Plan 2012, the FSC is currently undertaking eight strategic objectives. These include increasing the agency’s regulatory compliance by at least 20 percent; signing agreements with government agencies to formalise the FSC-governmental relationship; and increasing participation in initiatives undertaken by the International Organisation of Securities Commissioners, a regulatory group. The FSC also plans to roll out its VIRGIN III computer system and maintain 80 percent of its active records in electronic format, according to the work plan. The document further states that the FSC plans to increase its public education programme and undertake a calendar of events to celebrate its 10th anniversary.
New office
The law firm Appleby will open an office in Shanghai, China in April, the firm announced last week. According to a press release, the expansion creates opportunity for the firm’s Virgin Islands office to offer company incorporation and fiduciary services to Chinese businesses. The new office will become a base to expand services throughout China, according to the release. “We have chosen Shanghai because it is the commercial and financial centre of mainland China,” Michael Burns, Appleby’s managing partner in the VI office, said, according to the release. “We already have a track record in other major international financial centres, and we feel that having a presence in Shanghai makes commercial sense.”