Revocation or Cancellation (including Solvent Liquidation) Overview

Summary

This is a short overview document introducing the BVI Financial Services Commission's Guidance Notes on Revocation or Cancellation of Licences or Certificates of Regulated Persons, including the Approval of Solvent Liquidation Procedures. It explains the purpose of the fuller Guidance Notes rather than setting out detailed procedural requirements itself.

• Scope of the framework: Covers voluntary revocation or cancellation of licences or certificates held by regulated persons under the Financial Services Commission Act, 2001 and the Mutual Funds Act, 1996.
• Solvent liquidation: Also covers the Commission's approval of solvent liquidation procedures for companies under the BVI Business Companies Act, 2004.
• Application going forward: All future applications for voluntary revocation, cancellation, or approval of solvent liquidation will be dealt with in accordance with the Guidance Notes.

The document itself contains no detailed rules, fees, or timelines; it functions as a preamble directing regulated persons and their advisers to the substantive Guidance Notes for the applicable procedures.

Key obligations

• Regulated persons seeking voluntary revocation or cancellation of a licence or certificate must proceed in accordance with the Commission's Guidance Notes.
• Companies seeking approval of a solvent liquidation procedure under the BVI Business Companies Act, 2004 must apply in accordance with the Commission's Guidance Notes.

Applies to

regulated persons licensed or certified under the Financial Services Commission Act, 2001, regulated persons under the Mutual Funds Act, 1996, companies undergoing solvent liquidation under the BVI Business Companies Act, 2004