Form A/2 - Application for a Corporate Entity to Perform Compliance Function Services

Summary

This is Form A/2, the application form a corporate entity must submit to the BVI Financial Services Commission under section 34A of the Financial Services Commission Act, 2001, to be approved to provide compliance function services (i.e. act as compliance officer) to FSC licensees. It collects details on the applicant's incorporation, ownership, directors, and the individual employees who will actually perform compliance duties, plus fitness and propriety disclosures and formal undertakings.

• Corporate details: Name, incorporation date, BVI company number, physical and mailing addresses of the applicant.
• Ownership disclosure: Names, addresses and percentage shareholdings of all shareholders, plus a register of members, structure chart (if multi layer ownership), and biographies of shareholders/beneficial owners who are not also directors.
• Directors: All directors must be listed, each supported by a separate completed Form A and supporting documentation under the Approved Persons Regime.
• Compliance staff: Names of employees who will act as licensees' compliance officers, each supported by a CV.
• Fitness and propriety questions: Ten yes/no questions on convictions, investigations, disciplinary action, bankruptcy, unsatisfied judgments, civil liability for fraud/misconduct, and regulatory sanctions against the applicant, its officers, or associated bodies; any 'yes' answer requires a full disclosure attachment.
• Business activities overview: Applicant must append an overview of its business activities per the related Guidance document.
• Undertakings: Applicant must confirm its primary role is servicing VI-based licensees, that assigned employees are (or will be) physically resident in the Virgin Islands, and that no employee will be deployed to perform compliance functions unless approved by the Commission under section 34(3) and formally appointed by the relevant licensee.

The form ends with a signed declaration by a director attesting to the accuracy of the information and documents submitted, with a warning that false or misleading information may cause denial of the application and affect future applications.

Key obligations

• Submit Form A/2 with full corporate details (name, incorporation date, company number, addresses) to apply to perform compliance function services.
• Provide ownership disclosure including shareholder names/addresses/percentage holdings, register of members, structure chart (where ownership exceeds one layer), and biographies of shareholders/beneficial owners not also serving as directors.
• Submit a completed Form A and supporting documentation for each director of the applicant under the Approved Persons Regime.
• Submit the names and a CV for each employee who will perform compliance officer duties for licensees.
• Answer all fitness and propriety questions (8.1 to 8.10) and disclose full details as an attachment for any 'Yes' response.
• Append an overview of the applicant's business activities as required by the related Guidance.
• Confirm by ticking that the applicant's primary responsibility is servicing licensees based and carrying on business in or from the Virgin Islands.
• Confirm that employees assigned to perform compliance functions are, or will be at commencement of business, physically resident in the Virgin Islands.
• Ensure no employee is assigned or deployed to perform compliance functions for a licensee unless approved by the Commission as a compliance officer under section 34(3) of the FSC Act and formally appointed by that licensee.
• Have a director sign a declaration confirming the accuracy of all information and authenticity of documents submitted.

Applies to

corporate entities applying to perform compliance function services, FSC licensees utilising a corporate entity for compliance functions, directors of the applicant, employees performing compliance functions (compliance officers)