BVI 'Approved Persons' Guidelines Enter Into Force

by Phillip Morton, Investors Offshore.com

03 March 2009

The British Virgin Islands Financial Services Commission (FSC) has published details of its Approved Persons Regime, which entered into force on March 2, 2009, following approval by the Board of Commissioners on January 20.

The guidelines, which were published by the FSC on February 18, are designed to assist the regulator in "the consideration and approval of applications for the appointment of senior officers, including applications relating to the approval of actuaries, auditors and other independent officers pursuant to any financial services legislation."

The guidelines also outline senior officer duties and responsibilities and incorporate a set of rules governing the process and procedure for the approval of senior officers of a regulated person and actuaries, auditors and other independent officers.

According to the guidelines, a suitable candidate for a senior officer position must be "qualified and have appropriate experience." In order to be appointed as a senior officer, a candidate must also demonstrate "a high level of competence and integrity." Additionally, before granting approval of an application for a senior officer, the Commission must be satisfied that the candidate is "fit and proper" in accordance with the criteria established in the Commission’s 'Guidance Notes on Fit and Proper Test.'

The introduction to the guidelines states:

"The Commission exercises judgement and discretion in assessing fitness and propriety and takes into account all relevant matters including honesty, integrity, reputation, competence, expertise, experience, capability and financial soundness. These criteria have equal application to the consideration of applications for the approval of actuaries, auditors and other independent officers, whose qualifications and experience are generally covered under their respective applicable financial services legislation."

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