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Statutory Committees

 

Licensing and Supervisory Committee

The Licensing and Supervisory Committee (LSC) is the Commission's authorisation arm. LSC is responsible for assessing all applications for licences and certificates to conduct financial services in and from within the Territory.

In seeking authorisation to conduct financial services business, applicants for business must comply with all relevant BVI financial services legislation and policies that meet best practice established by international standards setters.

The Committee conducts ongoing supervision of authorised entities to monitor compliance with applicable regulatory regimes. 

Full details of the Operations of the LSC are outlined in the Guidelines and Operating Procedures of the Licensing and Supervisory Committee.

Enforcement Committee

One of the fundamental pillars of the Financial Services Commission’s regulatory mechanisms is its enforcement machinery.  The Financial Services Commission Act, 2001 (“FSCA”) provides the legislative framework for the establishment of an Enforcement Committee within the Commission. The functions of the Enforcement Committee are (set out in section 16A of the FSCA):

  • to consider and determine the exercise by the Commission of its powers to take enforcement action under Part V or pursuant to any financial services legislation;
  • to report to the Board all enforcement action taken by the Commission;
  • to review the enforcement provisions of the Act and to advise the Board on such amendments or revisions as it considers necessary;
  • to perform such other enforcement functions not inconsistent with this Act or other financial services legislation as the Board may authorise.

The Guidelines and Operating Procedures of the Enforcement Committee (EC) are designed to provide simple insight for the regulated community into to the workings of the committee. The Guidelines illustrate the applicable tools utilised in the enforcement process and discuss and describe how those tools are used and in what circumstances.