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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
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Bank International. |
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| Lowtax Library:
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| Personal
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| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
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| TreatyPro: Online
tax treaty resource. |
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| BVI 'Approved Persons' Guidelines Enter Into Force |
by Phillip Morton, Investors Offshore.com
Tuesday, March 03, 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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