ROADTOWN Tortola BVI, October 9th, 2012 – The Ministry of Education and Culture in conjunction with the Department of Culture will launch the locally authored financial services textbook, “Financial Services Demystified” on Thursday, October 11 at the Breezeway of the Central Administration Building.
The ceremony will start at 4:30 p.m. and will feature remarks by the Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, Minister for Education and Culture Honourable Myron V. Walwyn and the local author, Ms. Ayana S. Hull.
Speaking with the Department of Information and Public Relations during a GIS Report, Ms. Hull a local lawyer who spent a year as Legal Advisor at the Financial Services Commission in the Legal and Enforcement Division and has served seven years practicing Corporate Law with a major emphasis in Mutual Funds Law and Investment Business Law, spoke of the inspiration which led her to write the introductory chapters which birthed the book.
She said that the book is structured to tell a story from a company’s incorporation to its dissolution and includes what happens during the life of a company. Areas dealt with include the paying out of dividends to shareholders, the duties of the director; mergers, acquisitions, lending facilities, securities, the mortgaging of shares and regulatory aspects which include mutual funds law and banks and trusts.
She shared that the BVI Business Companies Act was used as the guiding legislative framework to structure the book as it was “fleshed out and simplified.”
“A person picking up Financial Services Demystified has a better understanding of the BVI Business Companies Act because it is laid out in chapters as opposed to going through the entire act (BVI Business Companies Act) to find different points,” she said.
She continued, “Specific legislation like the Securities and Investment Business Act, the Banks and Trust Companies Act, The Regulatory Code, the Anti-Money Laundering Regulations, anything that impacts the BVI Business Companies Act was pulled in so that the students can understand that it really is a plethora of legislation that runs the financial services industry.”
She said that the book can be used as a stepping stone to introduce students to career opportunities in the financial services and expose young people to Corporate BVI.
“I think by the time they understand what happens every day, it will peak someone’s interest; like maybe if I study law, I can do this or maybe if I become an accountant, I can do this. There is auditing involved. You need corporate administrators, chartered secretaries, Information technology persons,” she said.
The local author added, “When they get an understanding of what’s going on, it will get people interested and will show a side of corporate BVI that I don’t think has been shown to young persons.”
Minister for Education and Culture Honourable Myron V. Walwyn during the first sitting of the second session of the Second House of Assembly said that Financial Services is one of three pilot subjects being introduced specifically to fourth form secondary high school students for the 2012-2013 school year.
Minister Walwyn said that the objective of this new subject is to create a greater awareness among the Territory’s young people about the contribution of Financial Services to the Virgin Islands economy and help them make more informed career choices by exposing them to various career opportunities.
The Ministry of Education and Culture seeks to build a better Virgin Islands by providing students with an understanding of the Territory’s main industries and their contributions to the economy as we endeavour to “Create a Culture of Excellence.”
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