VIRRGIN Subscriber User Agreement

Summary

This is the standard template User Agreement between the BVI Financial Services Commission (the Commission) and a Subscriber for access to VIRRGIN, the Commission's online Virtual Integrated Registry Regulatory General Information Network. It grants a limited, non-exclusive licence to use VIRRGIN to access registers, submit fees, file applications and make regulatory filings under specified BVI financial services legislation, and sets out the terms governing that access.

• Who can be an Authorised User: Employees of a Subscriber in good standing, BVI-qualified legal practitioners, licensed insolvency practitioners, or authorised VIRRGIN Lite subscribers, each subject to Commission approval.
• Access levels: Authorised Users are granted Administrator, Level I, or Level II access, each with different permissions ranging from submitting payments and transactions to viewing reports and endorsing applications.
• Fees: An annual Subscription Fee is payable for the licence (currently suspended, per the text, until January 2017), due on execution and thereafter annually; the Commission may change the fee at any time.
• Term and termination: The Agreement runs for an initial one year term, renewable annually at the Commission's discretion; either party may terminate on notice, and the Commission may terminate for breach or deactivate inactive Authorised User accounts.
• Subscriber obligations: Provide and maintain necessary equipment and software, supply accurate Registration Data, report changes and security breaches promptly, ensure proper logout and password confidentiality, and notify the Commission when an Authorised User's employment ends.
• Other terms: No assignment of rights by the Subscriber; the Commission may vary the Agreement or upgrade VIRRGIN without prior notice; disputes go to BVI International Arbitration Centre; governed by BVI law.

The Agreement covers access to registers under numerous BVI financial services statutes listed in Schedule 1, including the Banks and Trust Companies Act, BVI Business Companies Act, Insurance Act, Securities and Investment Business Act, and others.

Key obligations

• Pay the annual Subscription Fee to the Commission no later than 15 February each year (subject to the fee suspension noted in the Agreement)
• Provide true, accurate, current and complete Registration Data on application forms for the Subscriber and its employees
• Notify the Commission within 7 days of any changes to Registration Data
• Immediately notify the Commission of any unauthorised use of a password or account or any other security breach affecting VIRRGIN
• Ensure Authorised Users log out at the end of each VIRRGIN session
• Notify the Commission when an Authorised User's employment with the Subscriber is terminated
• Provide and maintain all equipment and software necessary to access VIRRGIN (computer, internet connection, browser, Adobe Acrobat Reader, scanner, PDF conversion software)
• Do not permit unauthorised persons to access VIRRGIN or share user IDs or passwords
• Do not access or use VIRRGIN from outside the British Virgin Islands except as permitted
• Give at least 60 days written notice to terminate the Agreement as Subscriber
• Remedy any remediable breach within 10 days of receiving the Commission's written request, to avoid termination

Applies to

VIRRGIN Subscribers (entities accessing the Commission's online registry system), employees of Subscribers acting as Authorised Users, legal practitioners qualified to practise in the British Virgin Islands, insolvency practitioners licensed under the Insolvency Act, VIRRGIN Lite subscribers

Deadlines

• 15th February each year: Deadline for the Subscriber to pay the annual Subscription Fee, subject to clause 3.1 (fee suspension)
• within seven (7) days: Subscriber must notify the Commission of any changes to Registration Data
• at least 60 days written notice: Notice period required for a Subscriber to terminate the Agreement
• at least 30 days notice: Notice period the Commission must give to terminate the Agreement
• within 10 days of receipt of written request: Subscriber must remedy a remediable breach after Commission's request, or face termination
• more than sixty (60) days inactivity: Threshold after which the Commission may deactivate an Authorised User account
• at least 24 hours notice: Notice the Commission will give before maintenance affecting VIRRGIN's performance or availability, except in cases of urgency