Banks and Trust Companies (Amendment) Act, 2023

Summary

This Act amends the BVI Banks and Trust Companies Act, Revised Edition 2020, updating several definitions and licensing and governance provisions. It does not create new categories of regulated business but refines existing definitions, licence-issuance criteria, and director/senior officer approval requirements for banks and trust companies licensed under the principal Act.

• Definitions updated: The definitions of registered office services, significant interest, and trust business are expanded, including adding appointment or removal of directors as a form of significant interest and covering limited partnerships.
• Licence issuance criteria replaced: Section 4 is amended so the Commission may issue a licence only if the applicant intends to carry on the licensed business, meets capital and compliance requirements, passes fit and proper criteria, has adequate organisation and resources, and issuing the licence is not against the public interest.
• Section 9A amended: References to the Partnership Act are extended to include the Limited Partnership Act, and a reference to company management services under the Company Management Act is removed.
• Section 14 amended: The concept of significant interest in section 14(2) is extended to also cover controlling interest.
• Director and senior officer appointments: Section 19 is replaced so that a licensee must not appoint a director or senior officer without the prior written approval of the Commission.

The Act comes into force on a date to be appointed by the Minister by Notice published in the Gazette, so it is not automatically effective from its passage or gazetting date.

Key obligations

• A licensee must not appoint a director or senior officer without the prior written approval of the Commission.
• An applicant for a licence must meet the Commission's revised criteria (intention to carry on the business, capital resources, compliance with the Act, Regulatory Codes and practice directions, fit and proper standards for the applicant, directors, senior officers and persons with significant or controlling interest, adequate organisation and resources, and not being against the public interest) before a licence will be issued.

Applies to

banks, trust companies, licensees under the Banks and Trust Companies Act

Deadlines

• such date as the Minister may by Notice published in the Gazette appoint: Commencement date of the Act

Related documents

• This document amends Banks and Trust Companies Act (Revised Edition 2020)