Financial Services (Fees) Regulations (Revised 2020)

Summary

This is the consolidated fee schedule under the BVI Financial Services Commission's governing legislation, revised to 1 January 2020. It sets out the fees payable to the Commission for licence applications, approvals, exemptions, and annual renewals across the full range of regulated financial services activities in the Virgin Islands, and fixes the annual due dates for renewal fees under the main regulatory Acts.

• Annual renewal due dates: Fees under the Banks and Trust Companies Act, Company Management Act and Financing and Money Services Act are due no later than 31 January each year; under the Insurance Act no later than 28 February each year; and under the Securities and Investment Business Act no later than 31 March each year.
• Banking and trust licences: Sets application, issuance and annual renewal fees for general and restricted banking licences and for Class I to V and restricted trust licences, with different rates depending on whether the licence was granted before or after 30 June.
• Company management: Sets fees for company management licences, including per-company annual fees for registered office service providers based on the number of companies managed.
• Insurance: Sets fees for insurer licence applications, issuance and annual renewal, with renewal fees tiered by licensee category and by total premium volume or gross written premiums.
• Securities, investment business and funds: Sets fees for securities and investment business licences, incubator and approved funds, mutual funds (public, private and professional), private investment funds, and foreign fund prospectus notifications.
• Other approvals and exemptions: Sets fees for a wide range of matters such as approval of directors and senior officers, changes of name or principal office, significant interest transfers, exemptions from licensing or audit requirements, and compliance officer approvals.
• Non refundable: All fees specified in the Schedule are payable to the Commission and are not refundable.

The Regulations do not create new substantive licensing conduct requirements; they simply prescribe the amounts and timing of fees payable in connection with existing obligations under the Banks and Trust Companies Act, Insurance Act, Securities and Investment Business Act, Company Management Act, Financing and Money Services Act, Mutual Funds Regulations, Private Investment Funds Regulations, and related regulatory instruments.

Key obligations

• Licensees under the Banks and Trust Companies Act, Company Management Act and Financing and Money Services Act must pay annual fees no later than 31 January each year.
• Licensees under the Insurance Act must pay annual fees no later than 28 February each year.
• Licensees under the Securities and Investment Business Act must pay annual fees no later than 31 March each year.
• Applicants and licensees must pay the prescribed fees set out in the Schedule for licence applications, issuances, approvals, exemptions and renewals; fees paid are not refundable.

Applies to

banks, trust companies, company managers, insurers, securities and investment business licensees, mutual funds (public, private and professional), incubator and approved funds, private investment funds, foreign funds, money services providers, registered agents

Deadlines

• 31st January of each year: Annual fees due under the Banks and Trust Companies Act, 1990, Company Management Act, 1990 and Financing and Money Services Act, 2009
• 28th February of each year: Annual fees due under the Insurance Act, 2008
• 31st March of each year: Annual fees due under the Securities and Investment Business Act, 2010