Public Statement 25 of 2021 - EFRA EUROPEAN FINANCIAL REGULATOR (2021-10-01)

Summary

This is a public warning notice issued by the BVI Financial Services Commission (FSC) alerting the public that an entity calling itself EFRA EUROPEAN FINANCIAL REGULATOR (also styled Financial Regulator of the British Virgin Islands) is falsely posing as the BVI's financial services regulator.

• The scheme: EFRA is circulating a letter, signed by a purported Daniel Friedman, Chairman of the Supervisory Board, falsely claiming to have made a supervisory decision requiring a Compensation Fund to reserve payment of compensation to an investor.
• Clarification: The FSC confirms it is the sole financial services regulatory authority in the BVI, that EFRA is not a public body or authority in the BVI, and that Daniel Friedman is not an FSC employee or officer.
• Link to prior scam: EFRA appears to use the same logo and similar false claims as an earlier entity, British Virgin Islands Financial Regulator, about which the FSC had previously issued a warning.
• Public guidance: Members of the public are advised to exercise extreme caution with EFRA, avoid opening emails or attachments from it due to virus risk, and not disclose banking information or otherwise communicate with it.
• Reporting: The public is invited to provide the FSC with information on any questionable entities purportedly operating in or from the BVI and any improper activities by such entities.

The statement was issued under Section 37A of the Financial Services Commission Act, 2001 and is informational in nature, imposing no continuing regulatory obligations on licensed entities.