The BVI Financial Services Commission (BVIFSC) on January 21, 2016 announced several additions to its management team as well as several changes to Commission staff. The BVIFSC is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory. Photo: VINO/File

The appointments and changes are as follows:

Mr Stephen Grayson - Deputy Director, Legal

Mr Simon Gray - Special Advisor – Regulatory Training and Development

Mr Leon Wheatley - Asia Representative

Ms Simone E. Martin - Director, Insurance (Acting)

Ms Yolanda McCoy - Deputy Director, Fiduciary Services (Acting)

Mr Burton Chalwell - Deputy Director, Compliance Inspection (Acting)

“We are very excited to have such an experienced and seasoned group join our management team and we look forward to benefitting from the skills and unique expertise they all bring to the Commission. We look forward to their continued commitment to service, excellence and professionalism in their new assignments,” said Managing Director of the Commission Robert A. Mathavious.

Deputy Director, Legal

Mr Stephen Grayson will serve as the Deputy Director, Legal for a period of 3 years. Mr Grayson’s focus as Deputy Director, Legal will include providing advice to the Commission on financial services legislation and related matters and providing leadership to and ensuring the overall development of the Commission’s in-house legal team. Prior to joining the Commission, Mr Grayson worked with the Financial Conduct Authority (UK) in the Enforcement and Market Oversight Division as a Regulatory Lawyer/Investigator. Mr Grayson brings over 20 years of experience to the Commission, including extensive experience in financial crime.

On his appointment, Mr Grayson offered: "The Commission is of central importance to the BVI economy and has developed a reputation as a key financial Regulator across the international financial community. I am delighted to have the opportunity to join the Commission at this important time and I look forward to contributing to its development and to the many challenges which we will face in the forthcoming period."

Special Advisor Training

Mr Simon Gray has been with the Commission since October 2015 and since January 4, 2016 has taken up the role as a Special Advisor with responsibility for regulatory training and development. Mr Gray is a financial services and risk management professional with a background in both public and private sectors in several countries. He previously worked as Director, Supervision and Head of Islamic Finance at the Dubai Financial Services Authority.

On his appointment Mr Gray offered: “I am excited to be joining the Commission at this stage in the development of regulation – learning and development are integral elements of regulation which can benefit both regulator and regulated alike. The more that people understand the expectations of regulation then the easier it is to comply – in that sense training is the ultimate preventative medicine.”

Ms Simone E. Martin will serve as the Acting Director of Insurance. Ms Yolanda McCoy will serve as the Acting Deputy Director, Fiduciary Services and Mr Burton Chalwell will serve as the Acting Deputy Director, Compliance Inspection. These appointees are expected to serve 3 month terms which commenced on 4 January, 2016. Mr David Abednego resigned at the end of last year as the Director of Insolvency Services to pursue other interests. 

Asia Representative

Deputy Director, Investment Business, Mr Leon Wheatley will assume the post of Asia Representative effective January 18, 2016 and relocate to the Commission’s Hong Kong Office at BVI House Asia. Mr Wheatley is expected to serve Asia Representative through to July 2017. Mr Wheatley succeeds Mrs Michelle Georges who after serving as Asia Representative will return to the Commission’s BVI Office and resumed her role as Deputy Director, Banking.

On his appointment Mr Wheatley offered: “It is truly an honour to have been selected to serve in the role of representative of the BVI Financial Services Commission in Asia. I recognise the importance of the jurisdiction’s relationship with the Asia Pacific region and in this light look forward to executing the mandate of the BVI Financial Services Commission and continuing the work initiated by my very capable predecessors.”