General Part - Application For A Licence or Certificate As A Financial Services Business Provider (Revised) Jan. 2012 (F100)

Summary

This is Form F100, the general application form used by the BVI Financial Services Commission for persons seeking a licence or certificate to carry on a financial services business. It sets out which categories of authorisation exist under each governing act and directs applicants to complete specific parts of the form depending on the type of business or activity for which authorisation is sought.

• Banking and Trust: Applicants for General Banking, Restricted Class I/II Banking, or Class I-III Trust and Restricted Trust licences under the Banks and Trust Companies Act, 1990 must complete Parts 1, 2 and 6.
• Company Management: Applicants for a Company Management licence under the Company Management Act, 1990 must complete Parts 1 and 6.
• Insurance: Applicants for Category A-D Insurer, Insurance Agent, Broker, Manager or Loss Adjuster authorisation under the Insurance Act, 1994/2008 must complete Parts 1, 3 and 6.
• Securities and Investment Business: Applicants for Categories 1-7 (dealing, arranging, investment management, advice, custody, administration, or operating an investment exchange) under the Securities and Investment Business Act must complete Parts 1, 4 and 6, with certain question ranges applying depending on sub-category.
• Mutual Funds: Applicants for Private, Professional, Public or Recognised Foreign Fund status under the Mutual Funds Regulations, 2010 must complete specified questions in Part 1 (varying by fund type) plus Parts 4 and 6.
• Segregated Portfolio Companies: Applicants for registration, incorporation, notification of creation of a segregated portfolio, or approval to create a segregated portfolio under the Segregated Portfolio Companies Regulations, 2005 must complete specified questions in Part 1, relevant sections of Part 4, and Part 6.
• Financing and Money Services: Applicants for Financing Business or Money Services Business authorisation under the Financing and Money Services Act, 2009 must complete Parts 1 and 6.
• Director's/Trustee's Certificate: Any applicant may complete Part 5, and must complete Part 5A for the Director's/Trustee's Certificate as required under the relevant sections of the Banks and Trust Companies Act, Company Management Act, Insurance Act and Securities and Investment Business Act.

The form itself does not impose ongoing compliance obligations beyond correctly completing and submitting the relevant parts corresponding to the licence or certificate sought; it is an application template rather than a substantive rule.

Key obligations

• Applicants must complete Parts 1, 2 and 6 of Form F100 when seeking a banking or trust licence under the Banks and Trust Companies Act, 1990
• Applicants must complete Parts 1 and 6 when seeking a Company Management licence
• Applicants must complete Parts 1, 3 and 6 when seeking authorisation as an insurer, insurance agent, broker, manager or loss adjuster
• Applicants must complete Parts 1, 4 and 6 (with specified question ranges) when seeking a securities and investment business category authorisation
• Applicants must complete the specified Part 1 questions plus Parts 4 and 6 when applying for mutual fund status (Private, Professional, Public or Recognised Foreign Fund)
• Applicants must complete the specified Part 1 questions, relevant Part 4 sections, and Part 6 when applying in relation to segregated portfolio companies
• Applicants must complete Parts 1 and 6 when seeking authorisation for financing business or money services business
• Applicants must complete Part 5A for the Director's/Trustee's Certificate as applicable; any applicant may complete Part 5

Applies to

banks, trust companies, company managers, insurers, insurance agents, insurance brokers, insurance managers, loss adjusters, securities and investment business licensees, mutual funds, segregated portfolio companies, financing businesses, money services businesses