BVI FSC Approved Managers (Amendment) Guidelines, 2014

Summary

This instrument amends the BVI Financial Services Commission's Approved Managers Guidelines (originally issued November 2012). It updates wording in Paragraph 2, expands the scope of Paragraph 3 to cover funds formed in recognised jurisdictions, and revises the Schedule (application form and document checklist) used by applicants for approved manager status.

• Paragraph 2 wording change: Replaces the phrase "a significant" with "an" in sub-paragraph 2.1.1, a drafting correction.
• Recognised jurisdiction funds: Adds new sub-paragraph 3.3A allowing an Approved Investment Manager to act for funds formed in a recognised jurisdiction (as defined in Regulation 9(2A)) that have the characteristics of a private fund (no more than fifty investors, or private-basis invitations) or a professional fund (interests issued only to professional or similarly qualified investors, with a minimum initial investment of one hundred thousand dollars or equivalent, other than for exempt investors).
• Non-recognised jurisdiction clarification: Adds the words "in a non-recognised jurisdiction" to sub-paragraph 3.5.1 to clarify where that provision applies.
• Schedule/application form changes: Inserts a new question 2A requiring the name of the applicant's designated authorised representative; corrects wording in question 3; adds a new column for "Date of incorporation or registration" in question 5b; and adds a new Document Checklist item 7A requiring additional documents (Certificate of Incorporation/Limited Partnership and/or Offering Document) when acting for persons listed in regulation 9(1)(ca).

The amendments took effect on issuance, 24 February 2014, and apply to persons applying for or holding status as an Approved Manager or Approved Investment Manager under the Investment Business (Approved Managers) Regulations, 2012.

Key obligations

• An Approved Investment Manager acting for a fund formed in a recognised jurisdiction under Regulation 9(2A) must ensure the fund meets private fund criteria (no more than fifty investors, or private-basis invitations) or professional fund criteria (interests issued only to professional or similarly qualified investors, minimum initial investment of USD 100,000 or equivalent for non-exempt investors)
• Applicants must state the name of their designated authorised representative on the application form (new question 2A)
• Applicants must provide the date of incorporation or registration in question 5b of the application form
• Applicants acting for persons listed in regulation 9(1)(ca) must submit additional supporting documents: a copy of the person's Certificate of Incorporation/Limited Partnership and/or a copy of the person's Offering Document

Applies to

Approved Managers, Approved Investment Managers, applicants for approved manager status

Deadlines

• 24th February, 2014: Date the amendment guidelines were issued by the Financial Services Commission