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BVI Business Companies Act, 2004

BVI Company Formations bvi-business-companies-act-2004 previous companies act next companies act

Division 1 – Approval and Registration

135. (1) A company limited by shares may, with the written approval of the Commission given under subsection (2),

(a) be incorporated as a segregated portfolio company; or

(b) if it has already been incorporated, be registered by the Registrar as a segregated portfolio company.

(2) The Commission may give its written approval to the incorporation of a company, or the registration of an existing company, as a segregated portfolio company only if the company

(a) is, or on its incorporation will be, licensed as an insurer under the Insurance Act, 1994;

(b) is, or on its incorporation will be, recognised as a professional or private fund or registered as a public fund under the Mutual Funds Act, 1996; or

(c) is, or on its incorporation will be, of such class or description as may be prescribed by the Regulations made under section 159.

(3) The Registrar shall not incorporate or register a company as a segregated portfolio company unless the Commission has given its written approval under subsection (1).

136. (1) An application for approval to incorporate or register a company as a segregated portfolio company shall be made to the Commission in the approved form and shall be accompanied by such documentation as may be prescribed.

(2) The Commission may require an applicant under subsection (1) to furnish it with such other documentation and information as it considers necessary to determine the application.

137. (1) On receipt of an application under section 136, if it is satisfied that the company has, or has available to it, the knowledge and expertise necessary for the proper management of segregated portfolios, the Commission may give its approval to the incorporation or registration of a company as a segregated portfolio company subject to such conditions as it considers appropriate.

(2) The Commission may, at any time,

(a) vary or revoke any condition subject to which an approval under subsection (1) was given; and

(b) impose any condition in respect of any such approval.