Approved Investment Manager Application Form (IB-A1) (Revised Feb 2014)

Summary

This is the standard application form (IB-A1) used by the BVI Financial Services Commission for entities seeking approval as an Approved Investment Manager under the Securities and Investment Business regime. It sets out the information, declarations and supporting documents an applicant (a BVI Business Company or BVI Limited Partnership intending to act as adviser and/or manager) must submit to obtain this status.

• Applicant details: Corporate/partnership information, registration number, address, date of incorporation and intended date of commencing business activity.
• Ownership and management: Details of shareholders/controllers and beneficial owners, directors/general partners and senior officers, including biographies as attachments.
• Clients served: Details of each person (fund or entity) the applicant intends to act for, including asset values or capital commitments.
• Operational functions: Names and roles of individuals performing day-to-day investment business functions, and details of any delegation of investment business functions to third parties, including the delegate's regulator and jurisdiction.
• Declarations: A fitness and propriety declaration by the applicant covering directors, general partners, senior officers and significant shareholders, plus a declaration by the applicant's local representative (registered agent, authorised representative or legal practitioner) as to the accuracy of the application.
• Supporting documents checklist: Constitutional documents, CVs/resumes for directors, officers and delegated-function individuals, investment management/advisory agreements, delegation agreements, legal practitioner confirmation, and (where relevant) additional documents for persons under regulation 9(1)(ca).
• Application fee: A fee of $1000.00 must accompany the application.

The form itself does not impose ongoing compliance obligations beyond the completeness and accuracy of the application; it is a one-time submission requirement for entities seeking Approved Investment Manager status.

Key obligations

• Applicant must submit the completed IB-A1 form together with all documents listed in the checklist (constitutional documents, CVs, advisory/management agreements, delegation agreements, legal practitioner confirmation) for the application to be considered complete.
• Applicant must declare that relevant directors, general partners, senior officers and shareholders with significant interest meet the fit and proper criteria under Schedule 1A of the Regulatory Code, 2009.
• The applicant's local representative (registered agent, authorised representative or legal practitioner) must declare that the information and documents submitted are true, accurate and authentic.
• Applicant must pay an application fee of $1000.00 with the submission.
• If the applicant intends to delegate investment business functions, it must disclose the delegated functions, the delegate entity, its regulator and jurisdiction, and the individuals responsible, together with supporting agreements.

Applies to

BVI Business Companies, BVI Limited Partnerships, applicants for Approved Investment Manager status, investment advisers, investment managers