Monday, August 20, 2007

The Financial Services Exemptions Regulations 2007

Recently I wrote about BVI Business Companies (Company Names) Regulations 2007 defining the permitted ending of BVI private trust company. On the same day, the Executive Council, acting on the advice of the Financial Services Commission represented by Natalie Fahie Smith, adopted also the Financial Services Exemptions Regulations 2007.

These regulations is additional schedule to Exemptions Applicable to the Banks and Trust Companies Act, 1990.

This legislative act explains in details following issues: Application of Financial Services Commission Act, 2001 and Banks and Trust Companies Act to private trust companies, Duties of registered agent of private trust company and Obligations on private trust company, and also defines the meaning of “unremunerated trust business”, “related trust”, “group of related trusts” and “connected person”.

These regulations come into effect on August 1, 2007, except Qualifying BVI Company that has been “re-registered under paragraph 6(1)(b) of Part III of Schedule 2 of the Business Companies Act and, in respect of which, an election to disapply Part VI of Schedule 2 of the Business Companies Act has been registered”. Concerning the last ones, these regulations come into effect on January 1, 2008.

The full text of the document can be read on http://www.bvifsc.vg/Publications/LatestDocuments/tabid/214/Default.aspx.

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