Provisional Guidance Notes on Compliance Regime (Overview)

Summary

This is a provisional guidance notice from the BVI Financial Services Commission introducing an interim framework for the compliance regime, covering the appointment, duties and approval of Compliance Officers pending a future Regulatory Code. It applies to entities regulated under the Financial Services Commission Act, 2001 that are required to appoint a Compliance Officer.

• Scope: Covers appointment of Compliance Officers, their duties and responsibilities, the application process, and exemptions.
• Appendices: Include a manual of compliance procedures, the application form for approval of a Compliance Officer, a fit and proper test, and reporting requirements.
• Applications now open: The Commission is accepting applications for approval of Compliance Officers, to be made in the approved form (Appendix B), also available on the Commission's website.
• Resubmission required: Any applications for approval of Compliance Officers previously submitted must be withdrawn and resubmitted in accordance with the new Guidance Notes.

The Guidance Notes are described as an interim measure and will eventually be incorporated into a Regulatory Code. Queries can be directed to the Commission's Policy Research and Statistics Division.

Key obligations

• Entities must apply for approval of a Compliance Officer using the approved application form set out in Appendix B of the Guidance Notes.
• Entities that previously submitted applications for approval of a Compliance Officer must withdraw those applications and resubmit them in accordance with the requirements of the Guidance Notes.
• Applications for Compliance Officer approval must comply with the procedures and requirements set out in the Guidance Notes, including the fit and proper test and reporting requirements described in the Appendices.

Applies to

entities regulated under the Financial Services Commission Act, 2001 required to appoint a Compliance Officer