BVIFSC Approved Forms and Related Guidelines (Consolidated February 2012)

Summary

This is a consolidated guidance document issued by the BVI Financial Services Commission under section 41B of the Financial Services Commission Act, 2001, setting out the approved forms and accompanying guidelines that must be used when applying for a licence, certificate, recognition or registration under BVI regulatory legislation. It explains how the Schedule of forms is structured, how applicants must complete and submit them, and the ongoing obligations that arise once an application is filed.

• Scope: Applies to applications for licences/certificates covering banking and fiduciary services, insurance, investment business, mutual funds (including segregated portfolio companies) and related functionaries, plus post-licensing filings such as the director/trustee's certificate submitted with audited financial statements.
• Form structure: The Schedule comprises a General Part plus Parts 1 through 6: Part 1 (completed by all applicants), Part 2 (banking and fiduciary services detail), Part 3 (insurance detail), Part 4 (investment business, mutual funds and related functionaries), Part 5 (optional additional information), Part 5A (director/trustee's certificate) and Part 6 (declaration required of every applicant).
• Completion requirements: Every applicable part must be fully and accurately completed before filing; unavailable or inapplicable information must be marked as such, and no misleading information may be provided.
• Attachments and electronic filing: Attachments must be clearly numbered/lettered and referenced; the Commission encourages electronic filing and, once its online system is fully operational, will require electronic submission; an application is not considered filed until all attachments are received.
• Fees and attestation: Every application must be accompanied by the requisite fee and include a properly signed Part 6 declaration by a director, manager or equivalent functionary, with contact details.
• Post-filing obligations: Applicants must notify the Commission of significant events arising after filing but before a licence is granted, and must notify the Commission of any inaccurate, changed or misleading information no later than three days after becoming aware of it.

Failure to keep the Commission properly informed can lead to suspension of processing, rescission of a granted licence, or enforcement action. The guidance itself is procedural in nature and does not alter substantive licensing criteria under the underlying regulatory legislation.

Key obligations

• Applicants must use the approved forms set out in the Schedule when applying for a licence, certificate, recognition or registration with the Commission
• All applicable parts of an approved form must be fully and accurately completed, with 'not applicable' or 'n/a' noted where a question does not apply
• No information may be provided that would mislead the Commission in its consideration of an application
• Applicants must disclose details of any significant event occurring before filing that may be relevant, and must notify the Commission of any significant event arising after filing but before a licence is granted
• Applicants must notify the Commission of changed, inaccurate or misleading information in a filed application, in any case not more than three days after becoming aware of it
• Every application must be accompanied by the requisite fee, which must be received before the application is processed
• Every application must include a completed Part 6 declaration properly signed by a director, manager or other equivalent functionary
• A director or trustee's certificate (Part 5A) must be submitted at the time a licensee or public fund submits its audited financial statements
• 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, fiduciary services businesses, insurance licensees, investment business licensees, mutual funds and related functionaries, segregated portfolio companies, company management licensees, licensees generally, applicants for licences or certificates under regulatory legislation

Deadlines

• not more than three days after becoming aware: Applicant must notify the Commission after filing an application if information provided has changed, is inaccurate, or may be misleading