Amendments to the Guidelines and Operating Procedures of the Enforcement Committee (FSC/G050) (2015-02-25)

Summary

This document amends the BVI Financial Services Commission's internal Guidelines and Operating Procedures of the Enforcement Committee (EC), originally issued in 2008. The amendment adds a new provision on temporary EC membership, allowing certain senior officers to sit on the Committee in specific circumstances. It is an internal governance procedure and does not impose requirements on regulated entities.

• Temporary members: The Director overseeing regulation or corporate services, the Deputy Director of Legal, the Deputy Director of Enforcement, and the Deputy Director of Policy Research and Statistics may be appointed to the EC on a temporary basis.
• Trigger circumstances: Temporary appointment applies where needed to attain a quorum, where a conflict or potential conflict of interest affects a substantive member, or for other good cause determined by the Managing Director.
• Duration: Temporary membership lasts during the absence of the relevant substantive member or until resolution of the conflict or other cause, unless shortened by the Managing Director.
• Status while serving: A temporary member is treated as a full EC member for quorum and voting purposes, though a substantive member may still attend via electronic media, and voting rights may only be exercised by one of the two (not both).

As this amendment concerns the internal composition and voting arrangements of the Commission's own Enforcement Committee, it creates no continuing filing, reporting, or compliance obligations for licensees or other regulated persons.

Related documents

• This document amends Guidelines and Operating Procedures of the Enforcement Committee (FSC/G050)