Wednesday, June 29, 2011

Regulations Published by the Commission

Last week, a number of regulations was published by the British Virgin Islands Financial Services Commission. The documents issued by the Financial Services Commission are Financial Services (Miscellaneous Exemptions) Regulations, 2011, and Financial Services (Miscellaneous Exemptions) (Amendment) Regulations, 2011.

The first document includes the exemptions applicable to the Banks and Trust Companies Act, 1990 – from providing particulars to be specified in application for Class II and Class III restricted trust licences, from appointing an auditor for the holders of Class II and III trust licences; an exemption for company providing director, officer and nominee shareholder services only to obtain a licence under the Banks and Trust Companies Act, 1990. The document contains also an exemption for person providing director, officer and nominee shareholder services only, to obtain a licence under the Company Management Act, 1990.

The second document amends the schedule of Financial Services (Miscellaneous Exemptions) Regulations, 2011. Both documents came into force on 28 April, 2011.

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