Amendment of the BVI Financial Services Commission Guidelines for the Approved Persons Regime (2013-12-20)

Summary

This is a short amendment to the BVI Financial Services Commission's Guidelines for the Approved Persons Regime (originally effective 2 March 2009), issued under section 41A of the Financial Services Commission Act, 2001. It adds a new explanatory note and a new question to Form A concerning applicants' existing directorships.

• New explanatory note: Inserts note (ivA) after paragraph 3.2 clarifying that the Commission must be satisfied that senior officer applicants have sufficient time and resources to perform their functions, and that applicants must disclose the number of directorships they hold, including directorships in non-regulated companies.
• New Form A question 5A: Adds a question asking whether the applicant is a director of any other entity and, if so, requiring disclosure of the number of directorships in regulated entities, the name and regulatory authority details for each regulated entity, the number of directorships in non-regulated entities, and the total number of directorships held.

The amendment applies prospectively to persons applying for approval as senior officers under the Approved Persons Regime and to the entities submitting such applications on their behalf.

Key obligations

• Applicants for approval as senior officers under the Approved Persons Regime must disclose in Form A the number of directorships they hold, including directorships in non-regulated companies.
• Applicants must specify, for each regulated entity in which they hold a directorship, the name of the entity and the name and address of its regulatory authority.
• Applicants must state the total number of directorships held, covering both regulated and non-regulated entities.

Applies to

senior officers seeking approval under the Approved Persons Regime, regulated entities submitting Form A applications