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Banks and Trust Companies (No. 2) Regulations (Revised 2020)
The Virgin Islands regulatory authority issued the Banks and Trust Companies (No. 2) Regulations to govern the use of restricted words by non-licensees. These regulations mandate that applicants submit a sworn affidavit from a director or authorized officer alongside their application for restricted word usage. The affidavit must verify the applicant's ownership structure, confirm no intent to conduct banking or trust business, and establish a commitment to notify authorities immediately if such intentions change.
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British Virgin Islands Financial Services Commission
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Banks and Trust Companies Regulations 131
Revision Date: 1 Jan 2020 [Statutory Instrument] LAW OF VIRGIN ISLANDS BANKS AND TRUST COMPANIES (NO. 2) REGULATIONS – SECTION 28
(S.I. 37/1991 and Act 12 of 2001)
Commencement
[7 November 1991]
Short title


    

  1. These Regulations may be cited as Banks and Trust Companies (No. 2)
Regulations.
Affidavit to support application for consent by a non-licensee to use Restricted
Word
    2. 

  2. (1) An affidavit in support of an application by a non-licensee to use a restricted
word must be sworn by a director or authorised officer of the applicant and must be
submitted to the Commission together with the Application for Use of a Restricted Word
by a Non-licensee, as required by regulation 6 of the Banks and Trust Companies
Regulations.
(2) The affidavit must contain the following statements—
(a) the name and title of the person swearing the affidavit;
(b) (i) either a statement that the applicant is wholly owned by a company
or group of companies to be the trustee of one or more trusts for
which no remuneration is received, directly, or indirectly, by the
applicant; or
(ii) a statement that the applicant is owned by one or more members of
a family to be the trustee of one or more trusts of which one or
more members of the family are the principal beneficiaries and for
which no remuneration is received, directly, or indirectly, by the
applicant;
(c) that it is not the intention of the applicant to carry on banking or trust
business;
(d) that the applicant will inform its registered agent, in the case of an
International Business Company, or its solicitors in the British Virgin
Islands immediately if the applicant changes its intentions and desires to
commence to do trust business and will then apply for the appropriate
licence; and
(e) any other pertinent information. __________
    3. 

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