Under BVI Law, a managed trust company is defined as company whose license is subject to the condition that its business is carried on and managed by a BVI Class I trust company approved by the Financial Service Commission (FSC).
Under the Banks and Trust Companies Act, 1990 ("the Act"), a managed trust company can apply for the following categories of licenses:
- a Class I trust license, for the purposes of carrying on trust business and company management business;
- a Class II trust license, for the purposes of carrying on trust business only; and
- a Class III trust license, for the purposes of carrying on company management business only.