Financial Services (Fees) (Amendment) Regulations, 2023

Summary

This instrument replaces in full the Schedule to the Financial Services (Fees) Regulations, Revised Edition 2020, setting out the fees payable to the BVI Financial Services Commission across virtually all regulated sectors. It restates and updates fee amounts for applications, approvals, licences, registrations and annual renewals under the Financial Services Commission Act and numerous regulatory legislation (banking, trust, company management, insurance, mutual and private funds, and virtual assets service providers).

• General administrative fees: Sets fees (US$100 to US$15,000) for Commission administrative work, expedited processing, and complex or extraordinary matters under section 18(2) of the FSC Act, plus fees for compliance officer approvals, exemptions and Regulatory Code modifications.
• Banks and trust companies: Sets application, licence, and annual renewal fees ranging from US$400 up to US$250,000 depending on licence class (general banking, restricted banking, and various trust licence classes), plus fees for changes of control, directors, name changes and auditor changes.
• Company management: Sets fees for company management licences, annual renewals (including per-company and volume-based fees), changes of control, directors and auditors.
• Insurance: Sets fees for insurer licence applications (Categories A to F), licence issuance, annual renewals tiered by premium volume, licence variations, distributions, reinsurance approvals, derivatives trading approvals, and changes of control or directors.
• Mutual and private funds: Sets fees including for prior notification of prospectus issuance under the Mutual Funds (Foreign Funds) Regulations and audited financial statement exemptions for private investment funds.
• Virtual Assets Service Providers (VASPs): Sets new fees (US$5,000 to US$25,000) for VASP registration applications and approvals, including higher fees for custody services and virtual asset exchange operators, plus fees for authorised representatives, auditors, directors, significant interest changes, and the Regulatory Sandbox.

The Regulations came into force on 1 April 2023, except for the VASP fee item, which takes effect on the date the Virtual Assets Service Providers Act, No. 17 of 2022 comes into operation.

Key obligations

• Licensees, registrants and applicants must pay the specific fees set out in the substituted Schedule for applications, approvals, licences, registrations and annual renewals relevant to their sector.
• Company management licensees providing registered office services must pay annual renewal fees calculated per active company (US$15 per company) or a flat US$6,000 fee for 500 or more companies.
• Insurers must pay annual renewal fees tiered according to their total premium volume or gross written premiums for the preceding year.
• VASPs and VASP applicants must pay the new registration, approval and annual renewal fees once the Virtual Assets Service Providers Act, No. 17 of 2022 comes into operation.

Applies to

banks, trust companies, company management licensees, insurers, mutual funds, private investment funds, foreign funds, virtual assets service providers, Regulatory Sandbox participants

Deadlines

• 1 April 2023: General commencement date of the Regulations and the substituted fee Schedule.
• date the Virtual Assets Service Providers Act, No. 17 of 2022 comes into operation: Commencement date for Item (xi) of the Schedule, setting VASP registration and approval fees.

Related documents

• This document is made under Financial Services Commission Act (Revised Edition 2020)