Financial Services (Fees) (Amendment) Regulations, 2020

Summary

This regulation amends the Schedule to the Financial Services (Fees) Regulations, 2010, which sets out fees payable under BVI financial services legislation. It increases an existing fee for private investment funds and adds a new set of fees tied to the forthcoming Regulatory Sandbox regime.

• Private investment fund recognition fee: The annual renewal fee for private investment fund recognition under section 63F(2) of the Securities and Investment Business Act is increased from US$500 to US$1,000, effective 1 July 2020.
• New Regulatory Sandbox fees: A new fee item is added covering applications and approvals under the Financial Services (Regulatory Sandbox) Regulations, 2020, including fees for Sandbox participant applications and approvals (US$2,000 to US$10,000 depending on business model complexity), business proposal modification applications and approvals, and extension of time applications and grants (each US$500 to US$2,000).

The Sandbox-related fees only take effect once the Financial Services (Regulatory Sandbox) Regulations, 2020 are themselves brought into force, while the private investment fund fee increase took effect on 1 July 2020.

Key obligations

• Private investment funds recognized under SIBA section 63F must pay the increased annual renewal fee of US$1,000 (up from US$500) from 1 July 2020.
• Applicants and participants in the Regulatory Sandbox must pay the newly prescribed fees for applications, approvals, modification requests and extension of time requests once the Regulatory Sandbox Regulations come into force.

Applies to

private investment funds recognized under the Securities and Investment Business Act, applicants for Regulatory Sandbox participation, Regulatory Sandbox participants

Deadlines

• 1st day of July, 2020: Commencement of Regulation 2(a), increasing the private investment fund recognition annual renewal fee to US$1,000.
• the date that the Financial Services (Regulatory Sandbox) Regulations, 2020 are brought into force: Commencement of Regulation 2(b), which adds the new Regulatory Sandbox fee schedule.

Related documents

• This document commences Financial Services (Regulatory Sandbox) Regulations, 2020