Tuesday, May 11, 2010

Guidelines for the Approved Persons Regime Published by the Commission

The BVI FSC has published Guidelines for the Approved Persons Regime, with the purpose to give detailed information for the consideration and approval of applications for senior officers appointment. The Guidelines outline senior officer duties and responsibilities and incorporate a set of rules governing the procedure for the approval of senior officers, auditors and other independent officers.

The Guidelines for the Approved Persons Regime, divided into seven parts with application forms and appendices included, provide information on the application of the Regulatory Code to position of Senior Officer, duties and responsibilities of senior officers, their qualifications and experience. The document also states what kind of supporting evidence and additional information is needed for a proposed senior officer. In the general provisions relating to actuaries, auditors and other independent officers, there is information about their approval, roles and duties, qualification and experience.

The forms for filing applications for approval of directors, compliance officers and senior officers, for approval of actuaries/auditors/other independent officers, for approval of change of auditors, notification of resignation/ termination of actuary/auditor/other independent officer, and declaration form for an exemption from appointing a compliance officer are included in the Guidelines.

According to the document, a suitable candidate for a senior officer position must be qualified and have appropriate experience, demonstrate high level of competence and integrity. The criteria for granting approval of an application for a senior officer are set in Division 2 of Part II of the Regulatory Code, 2009.

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