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What criteria are used to determine whether an applicant for a licence is “fit and proper”?

 
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What criteria are used to determine whether an applicant for a licence is “fit and proper”?

The BVI FSC’s criteria for assessing fitness and propriety of entities and individuals is set out in the Regulatory Code, 2009. Fitness and propriety requires a review of several components including honesty, integrity and reputation, competence and capability and financial soundness.