Banks and Trust Companies Regulations (Revised 2020)

Summary

This is a long-standing BVI statutory instrument made under the Banks and Trust Companies Act, setting out the administrative procedures, approved forms and schedules that banks and trust companies (and applicants for such licences) must use when dealing with the Financial Services Commission. It covers licence applications, notices of principal office, approval of share transfers, use of restricted words, and approval of directors and senior officers, and also annexes detailed guidelines on approved forms and a complaints-handling regime for regulated persons.

• Licence applications: Applications for banking and trust licences must be made using the Commission's approved forms and guidelines set out in Schedule 1.
• Principal office notice: Notice of principal office and authorised agents must be given to the Commission in duplicate on the Schedule 2 form.
• Share transfers: Written approval for the issue, transfer or other disposal of shares or other interests must be sought on the Schedule 3 form, or exemption applied for on the Schedule 4 form.
• Restricted words: Non-licensees wishing to use a restricted word in their name must apply in accordance with the Schedule 5A and 5B guidelines; approved names are published in the Gazette.
• Directors and senior officers: Appointment of a director or senior officer requires prior written approval of the Commission (Schedule 6 guidelines), unless exemption is obtained via the Schedule 7 form.
• Gazette publication: Names of banks and trust companies exempted from share-transfer approval or from director/officer approval are published in the Gazette each January.
• Complaints handling: Regulated persons must maintain a complaints register, investigate complaints, aim to send a substantive response within four weeks, keep full records for at least five years, and have senior management review and sign off on each complaint.

The bulk of the document consists of approved forms, schedules and guidelines (application forms, declarations, complaints register templates) that operationalise these requirements rather than creating new substantive rules beyond those in the parent Act.

Key obligations

• Applicants for banking and trust licences must submit applications using the Commission's approved forms per Schedule 1 guidelines.
• Notice of principal office and authorised agents must be filed in duplicate using the Schedule 2 form.
• Written Commission approval must be obtained (Schedule 3 form) before issuing, transferring or otherwise disposing of shares or other interests, unless an exemption is granted via the Schedule 4 form.
• A non-licensee wishing to use a restricted word in its name must apply per the Schedule 5A/5B guidelines.
• Written Commission approval must be obtained (Schedule 6 guidelines) before appointing a director or senior officer, unless exemption is obtained via the Schedule 7 form.
• Regulated persons must maintain a complaints register recording complainant details, dates, nature of complaint, investigation and action taken.
• Regulated persons should send a substantive response to a complaint within 4 weeks of receipt.
• Regulated persons must keep a full record of each complaint and related action for at least 5 years after the last response.
• Senior management must review and sign off on completed complaint records.
• The Commission publishes in the Gazette each January the names of banks and trust companies exempted from share-transfer or director/officer approval requirements.

Applies to

banks, trust companies, licence applicants, regulated persons, non-licensees using restricted words

Deadlines

• within 4 weeks after date of receipt of the complaint: Expected timeframe for a regulated person to send a substantive response to a complaint
• at least 5 years after the date of the last response: Minimum retention period for full complaint records
• January of each year: Publication in the Gazette of names of banks and trust companies exempt from share-transfer approval or director/officer approval requirements