Bearer Shares Custodian Agreement

A licensed custodian must immediately notify the Commission in writing if it has not complied with these requirements or is unable to reconcile its activities related to the bearer`s shares. The British Virgin Islands Financial Services Commission (FSC) recently issued guidelines on how shareholders and companies can reactivate their locked-in shares. It is clear from the FSC guidelines that the preferred method for the restoration of disability actions should apply to the High Court of the British Virgin Islands for the necessary extension period. (g) A manual detailing the applicant`s internal control systems and procedures to ensure the retention of bearer shares. This should force existing companies to remove the power to issue shares to the bearer. It is envisaged that the FSC will waive the levy as part of this amendment. Law 47 of August 6, 2013 relating to the retention of holders under Act 47 of August 6, 2013 was amended by Act 18 of April 23, 2015, which includes major changes to the entry into force of the Act and the transitional period, as explained below. The bill requires that, when a bearer action is issued or filed with an approved custodian, the company issuing the action or the person filing the shares makes available to the custodian: b) The Commission may, at any time, require special compliance check on the custodian granted at the custodian`s expense. (a) accredited custodian service agencies are required to assign a Commission-approved external auditor to conduct an annual audit of the compliance of the provision of child care services in accordance with the provisions of the memory aid. A licensed custodian is a person licensed under the Bank and Trust Company (BTCA) Act 1990 and whose license contains an authorization allowing the licensee to act as a custodian. Therefore, it should be noted that an operating management licensee cannot be retained solely on the basis of the possession of that licence.

Any btca licensee must convince the BVI Financial Services Commission (the “Commission”) that it is appropriate and appropriate to be the custodian of bearer shares. As things stand, only general licensees under BTCA can be considered as delegated directors.

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