Application for Approval of an Authorised Representative - Form D

Summary

Form D is the BVI Financial Services Commission's application form for approval of a proposed Authorised Representative of a person or entity carrying on securities and investment business. It collects personal, employment, ownership and fitness and propriety information used by the Commission to assess suitability of the individual (or, where the applicant is a corporate entity, its directors) for approval.

• Applicant details: Personal identification, address history, education and professional memberships; if the applicant is a corporate entity, items 1 to 4 and item 6 must be completed by each director, and at least one director must be ordinarily or habitually resident in the Virgin Islands.
• Employment history: Details of employment for the past seven years (or longer if relevant), including reasons for leaving each position.
• Ownership structure: Disclosure of all shareholders and controllers of the applicant, including shareholdings and voting rights.
• Fitness and propriety: A series of yes/no questions covering refusals of regulatory approval, dismissals, criminal convictions or investigations, bankruptcy, civil liability for fraud or misconduct, and regulatory sanctions against associated entities; any yes answer requires a written attachment with full details.
• Relevant business experience: Disclosure of practical experience relevant to activities requiring authorisation under the Securities and Investment Business Act, with supporting detail if applicable.
• Declaration: A signed declaration by the proposed Authorised Representative confirming the information and documents submitted are true, accurate and authentic.

The final page is reserved for the Commission's internal use to record the application outcome (approved, denied or deferred) and processing details; this section is completed by the FSC, not the applicant.

Key obligations

• The applicant (or each director, if the applicant is a corporate entity) must provide complete and accurate personal, education, employment, ownership and fitness and propriety information on the form.
• Any 'Yes' answer to a fitness and propriety question must be accompanied by a written attachment providing full details.
• If claiming relevant business experience under item 7, the applicant must attach a detailed explanation of that practical experience, properly marked.
• The proposed Authorised Representative must sign a declaration confirming the truth, accuracy and authenticity of the information and documents submitted.
• Where the applicant is a corporate entity, at least one director must be ordinarily or habitually resident in the Virgin Islands.

Applies to

persons or entities carrying on securities and investment business, proposed Authorised Representatives, corporate entity applicants and their directors