Sunday, April 27, 2008

New Guidance Notes on Revocation or Cancellation of Licences and Certificates Published by BVI FSC

On 9 April 2008 British Virgin Islands Financial Services Commission has presented the 'Guidance Notes on Revocation or Cancellation including Solvent Liquidation'. The document is providing a framework for voluntary revocation and cancellation of licences and certificates of regulated persons, and the approval of solvent liquidation procedures.

The BVI FSC has issued the Guidance Notes with respect to voluntary cancellation of licences or certificates under the Mutual Funds Act, 1996, revocation of licences under the Financial Services Commission Act, 2001, and voluntary liquidation of the company which is a regulated person under the BVI Business Companies Act, 2004.

Issued Guidance Notes contain matters relating to the revocation or cancellation of licences or certificates of regulated persons, and the approval of solvent liquidation procedures, and all the future deals concerned with these matters will be dealt in accordance with this document.

The document consists of two parts, the first part is devoted to Revocation or Cancellation of Licences or Certificates of regulated persons, the second part concerns Approval of Solvent Liquidation.

The document was approved by the Board of Commissioners on April 1, 2008, under the signature of Kenneth Baker, Deputy Managing Director of the BVI Financial Services Commission, and published on April 8, 2008.

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