Application for Approval of Authorised Custodian

Summary

This is the BVI Financial Services Commission's application form used by entities seeking approval as an Authorised Custodian of bearer shares of BVI incorporated companies under section 50A of the FSC (Amendment) Act, 2004. It collects company data, and personal, educational, employment and character/fitness information on each director and senior officer, together with supporting declarations.

• Who applies: Entities already licensed by the FSC (50A(1) applicants) or entities incorporated outside the BVI with no BVI place of business, licensed by a foreign regulator (50A(2) applicants).
• Company data: Applicant must provide name, address, place and date of incorporation, contact person, and (for 50A(1)) existing FSC licence type and number, or (for 50A(2)) details of the foreign regulatory authority and licence.
• Personal data on directors/officers: Name, previous names, addresses, date and place of birth, identification number, nationality, education, professional memberships, and current and prior employment history for the last ten years.
• Fitness and probity questions: Directors, senior officers and the institution must disclose criminal convictions, pending charges, disciplinary or enforcement proceedings, regulatory investigations, civil findings, bankruptcy proceedings, sanctions, dismissals, and any other relevant character or financial matters.
• Declarations: Each director/senior officer and an authorised signatory of the applicant must certify the information is complete and true; false declarations are an offence under the Financial Services Act (2001).
• Supporting documents required: Auditor's consent to conduct compliance audits, a business plan, certificate of incorporation, constitutional documents, three years of audited financial statements (or opening balance sheet/projections for start-ups), an organisational chart, an internal controls manual for custody of bearer shares, evidence of foreign licence (for 50A(2) applicants), and resumes plus three references for each director and senior officer.

The applicant must also undertake to inform the Commission without delay of any material changes to the information supplied. The form does not itself state processing timeframes or fees beyond noting an application fee is collected by the FSC.

Key obligations

• Applicants must submit complete and accurate company, personal, education, employment and character/fitness information for each director and senior officer as part of the application.
• The applying entity's authorised signatory must certify the application is complete and true and undertake to inform the Commission without delay of any material changes to the information supplied.
• Applicants must submit specified supporting documents, including an auditor's consent, business plan, certificate of incorporation, constitutional documents, three years of audited financial statements (or projections for start-ups), organisational chart, internal controls manual for bearer share custody, and resumes and three references for each director and senior officer.
• 50A(2) applicants must provide evidence of their licence from their home regulatory authority.
• False declarations or misrepresentations in the application constitute an offence under the Financial Services Act (2001).

Applies to

authorised custodians of bearer shares, FSC-licensed entities applying under section 50A(1), entities incorporated outside the BVI applying under section 50A(2), general trust licence holders, restricted trust licence holders, general banking licence holders, restricted banking licence holders, company management licence holders, insurance licence holders, fund manager/administrator licence holders