BVIFSC Approved Forms and Related Guidelines (Consolidated February 2012)

Summary

This is the BVI Financial Services Commission's consolidated set of approved application forms and accompanying guidelines, issued under section 41B of the Financial Services Commission Act, 2001. It tells any person applying for a licence, certificate, registration or recognition under BVI regulatory legislation which forms to use and how to complete them, and sets out procedural rules the Commission will apply when processing applications.

• Scope of forms: A General Part directs applicants to the correct Parts; Part 1 is completed by all applicants; Part 2 covers banking and fiduciary services (trust) licence applications; Part 3 covers insurance licence applications; Part 4 covers investment business, mutual fund recognition/registration and related functionaries under the Securities and Investment Business Act; Part 5 is optional supplementary information; Part 5A is a post-licensing director/trustee certificate filed with audited financial statements; Part 6 is a mandatory declaration.
• Completion standard: Every applicable part must be fully and accurately completed, with 'not applicable' noted where a question does not apply, before filing.
• Attachments and electronic filing: Supporting documents must be attached and clearly numbered/lettered; the Commission encourages electronic filing and an application is not treated as filed until all attachments (including hard copies or storage media) are received.
• Disclosure duties: Applicants must disclose significant events relevant to an application, both before filing (via Part 5) and after filing but before a licence is granted.
• Correcting information: If information becomes inaccurate, changed, or misleading after filing, the applicant must notify the Commission of that fact, and must do so no later than three days after becoming aware.
• Fees and declaration: Every application must be accompanied by the requisite fee, and must include a signed declaration (Part 6) by a director, manager or equivalent functionary, with contact details.
• Consequences: The Commission may suspend processing pending clarification, decline to treat an application as properly filed until complete, or rescind a granted licence and take enforcement action if it later learns the applicant knowingly withheld or misstated material information.

The guidelines apply generally across licensable financial services activities in the BVI and also govern a specified post-licensing filing (the director/trustee certificate accompanying audited financial statements). The document itself is procedural rather than substantive licensing law, but non-compliance with its filing requirements can delay or jeopardise an application or an existing licence.

Key obligations

• Applicants for a licence, certificate, registration or recognition must complete and submit the Commission's approved forms applicable to their type of application
• All applicable parts of the approved form must be fully and accurately completed, with 'not applicable' noted where a question does not apply
• Every application must be accompanied by the requisite fee, and will not be processed until the fee is received
• Every application must include a properly signed declaration (Part 6) by a director, manager or equivalent functionary, with full contact details
• Applicants must disclose significant events relevant to the application both before filing (via Part 5) and after filing but before the licence is granted
• If information in or relating to a filed application becomes inaccurate, changed, or misleading, the applicant must notify the Commission of that fact, and in any case not more than three days after becoming aware
• Where attachments cannot be submitted electronically, hard copies or storage media must be submitted at or shortly after electronic filing, and the application is not considered filed until all attachments are received
• A director or trustee of a licensee or public fund must submit a Part 5A certificate at the time the licensee's or public fund's audited financial statements are submitted
• An application for incorporation as a segregated portfolio company must be accompanied by, and submitted at the same time as, an application for recognition or registration as a mutual fund

Applies to

banks and trust companies, company management licensees, insurance licensees, investment business licensees, mutual funds and related functionaries, segregated portfolio companies, licensees generally, applicants for licences, certificates, registration or recognition under BVI regulatory legislation

Deadlines

• not more than three days after becoming aware: Applicant must notify the Commission after filing if application information has changed, is inaccurate, or may be misleading
• 31/03/10: Commencement date of the original Guidelines (as consolidated, amended 25/1/12)