Financial Services Commission Approved Forms and Related Guidelines

Summary

This guidance, issued by the BVI Financial Services Commission under section 41B of the Financial Services Commission Act, 2001, sets out the Commission's approved application forms and the rules for completing and filing them. It took effect on 31 March 2010 and applies to any person applying to the Commission for a licence, certificate, registration or recognition to carry on a financial services business.

• Approved forms mandatory: Any application for a licence or certificate for a licensable business activity must be made using the Commission's approved forms set out in the Schedule (a General Part plus seven specific Parts).
• Accurate completion: Every applicable Part of the Schedule must be fully and accurately completed before filing, with any inapplicable information expressly stated as not applicable.
• Attachments: Supporting documents must be attached, properly numbered or lettered, and an application is not treated as filed until all required attachments are received.
• Ongoing disclosure: Applicants must disclose significant events 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.
• Correcting information: If information in a filed application changes, becomes inaccurate or misleading, the applicant must notify the Commission forthwith and no later than three days after becoming aware.
• Fees and declaration: Applications must be accompanied by the requisite fee (no processing occurs without it) and must include a signed declaration (Part 7) by a director, manager or equivalent functionary.
• Electronic filing: Electronic filing is encouraged now and will become mandatory once the Commission's online filing system is fully operational.

The document is a procedural guidance and forms package rather than a standalone licensing requirement; it applies across the Banks and Trust Companies Act, Company Management Act, Insurance Act, Mutual Funds Act, and the Securities and Investment Business Act regimes, directing applicants to the correct combination of Parts to complete for each licence type.

Key obligations

• Use the Commission's approved forms for any application for a licence, certificate, registration or recognition under the relevant regulatory legislation.
• Fully and accurately complete every applicable Part of the Schedule before filing an application, stating clearly where information does not apply.
• Attach all required supporting documents, properly marked/numbered; an application is not considered filed until all attachments are received by the Commission.
• Disclose any significant event occurring before filing that may be relevant to the application, and notify the Commission of any significant event occurring after filing but before a licence is granted.
• Notify the Commission forthwith, and in any case not more than three days after becoming aware, if information in a filed application has changed, is inaccurate, or may be misleading.
• Submit the requisite fee with every application; no application will be processed without payment of the fee.
• Include a properly signed declaration (Part 7) by a director, manager or other equivalent functionary as part of every application.
• File applications electronically once the Commission's online filing system becomes fully functional, as no application will then be accepted otherwise.

Applies to

banks, trust companies, company management businesses, insurers, insurance agents, insurance brokers, insurance managers, loss adjusters, mutual fund managers, mutual fund administrators, mutual funds (private, professional and public), investment business licensees, segregated portfolio companies, applicants for licences or certificates under BVI regulatory legislation

Deadlines

• 31/03/10: Commencement date of these Guidelines and the approved forms regime.
• not more than three days after becoming aware: Deadline for an applicant to notify the Commission that information in a filed application has changed, is inaccurate, or may be misleading.