Senior Officer Resignations – What Steps Do Licensees Need To Take?

In light of increased numbers of senior officer resignations, this article reviews the steps licensees must take to avoid risking enforcement action as a breach of the parent legislation under which the licensee's licence is granted.

When senior officers resign, licensees have seven days to notify the BVI Financial Services Commission (the FSC), per paragraph 17 of Part V to the Guidelines on the Approved Persons Regime, 2010 (the GAPR). This applies to all BVI licensees including those licensed under the Securities and Investment Business Act, 2010, the Banks and Trust Companies Act, 1990, the Company Management Act, 1990, the Insurance Act, 2008 and the Financing and Money Services Act, 2009.