MTR-Compliance Officer Regime

Current Regime – Compliance Officer• Regulated Person designates one of his staff as Compliance Officer • Compliance Officer shall be a senior officer • Compliance Officer shall act as a

Compliance Regime

Kenneth Baker Deputy Managing Director

What is a Compliance

Regime?

• Appointment of an individual to

oversee the compliance function

• Development & application of

compliance policies and

Current Regime – Compliance Officer

• Regulated Person designates one

of his staff as Compliance Officer

• Compliance Officer shall be a

senior officer

• Compliance Officer shall act as a liaison between Regulated Person and Commission

• Compliance Officer shall prepare and submit to the Commission

New Regime - Individual with

Responsibility for Compliance

Oversight

• Licensee shall designate one of his staff as the individual responsible for compliance oversight

• Individual shall be a senior officer

• Individual shall act as a liaison

between the Licensee and the Commission

• Individual shall prepare and submit

to the Commission written reports

New Regime - Compliance Function

Proposed new Section 34 of the

Financial Services Commission

• Regulatory Codes; and

• Directives issued by

Commission

New S.34(2) FSCA

Licensee shall establish and

maintain a compliance procedures manual complying with the

requirements specified in

Regulatory Code

New S.34(3) FSCA

Individual responsible for

overseeing compliance function

shall have an obligation for:

• Reporting to the Commission;

• Reporting to the directors; and

• Acting as a liaison between the Licensee and the Commission

New S.34(4) FSCA

Individual responsible for

overseeing the compliance

function must satisfy the

Commission’s “fit and proper”

New S.34(5) FSCA

Individual responsible for

overseeing the compliance

function shall have

responsibility for:

• Establishing and maintaining a programme for training staff; and

• Overseeing the implementation

of the compliance procedures manual

New S.34(7) FSCA

The Commission may issue a

Regulatory Code specifying:

• Maintenance of compliance

procedures manuals;

• Persons who may be appointed

to oversee compliance function; and

• Reporting requirements to the Commission and directors

New S.34(8) FSCA

Person appointed to serve as

Compliance Officer under the AML Code of Practice may be appointed

to oversee the Licensee’s

compliance function

Who will Oversee the

Compliance Oversight -

Fiduciary Services

• Company Managers – BVI resident individual

• General Trust Licensee with

physical presence – BVI resident individual

• General and Restricted Trust

Licensee without physical

presence – individual who may be

an employee of Registered Agent

Compliance Oversight -

Insurance

• Captive insurer – Insurance

Manager, otherwise an approved, BVI resident individual

• Credit Life re-insurer – Insurance Manager, if one exists, or an

approved, BVI resident individual

Compliance Oversight -

Insurance

• Locally incorporated Domestic

insurer – an approved BVI resident individual

• Overseas incorporated Domestic insurer – an individual who fulfils that function to the satisfaction of the insurer’s home regulator

Compliance Oversight - Investment Business

• Private & Professional Funds –

one of a fund’s functionaries (for example, fund manager or fund

administrator)

• Public Funds – one of a fund’s

functionaries (for example, fund

manager or fund administrator)

Compliance Oversight - Investment Business

• Recognised Managers –

responsible licence-holder

• Managers &/or Administrators –

an approved BVI resident

individual unless the manager or administrator is non-resident, in

which case the compliance

function may be performed by a

non-resident individual

Compliance Oversight -

Notification

Where an individual is not required

to be approved, notification of the individual with responsibility for

oversight of the compliance

function must be submitted to the Commission

AML Code of Practice

The AML Code of Practice is to be amended in line with proposed

new Section 34 FSCA

• Financial Services Commission

(Amendment) Act, 2006

• Distribute answers to FAQ

• Distribute Guidance Notes

• Distribute Application Forms

• Advise implementation date of

regime

Contact details

• compliance@bvifsc.vg

• enquiries@bvifsc.vg