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{"sheet":"I-Instructions","index":0,"n_rows":8,"n_cols":10,"rows_kept":8,"cut":false,"hidden":false,"merged":[[7,1,7,8],[0,0,0,10],[5,1,5,8],[6,1,6,8],[4,1,4,8]]}
["Investment Business Test Licence Application Form"]
["INSTRUCTIONS",null,null,null,null,null,null,null,null,"Version 2022.1"]
["Completed application forms should be e-mailed to investmentInfo@bma.bm"]
[]
[1,"Applicants for a Standard licence  or Class A Registration or Class B Registration should not complete this form. They should complete the  Standard Application Form instead, as applicable, which can be found on the Bermuda Monetary Authority's (BMA or Authority) website (www.bma.bm). "]
[2,"This form must be completed by a person who is/will be responsible for the conduct of the business of the applicant or having legal capacity to sign on behalf of the applicant. "]
[3,"Completed application forms should be e-mailed (signed) to investmentInfo@bma.bm. If the total size of the documents exceeds the maximum size for an e-mail, please contact the Banking, Trust, Corporate Services and Investment Department (BTCSI) at the above email address to receive instructions on how to submit via the Authority’s secure file sharing portal."]
[4,"The 'IV-Declarations' tab should be signed electronically by two directors, or one director and an officer of the applicant."]

{"sheet":"II-Applicant Details","index":1,"n_rows":43,"n_cols":21,"rows_kept":43,"cut":false,"hidden":false,"merged":[[24,0,24,6],[25,0,25,6],[21,0,21,6],[16,0,16,6],[15,0,15,6],[20,0,20,6],[17,0,17,6],[23,0,23,6],[22,0,22,6],[19,0,19,6],[4,8,4,17],[5,8,5,17],[6,8,6,17],[7,8,7,17],[8,8,8,17],[36,18,36,19],[38,7,38,8],[38,9,38,17],[37,18,37,19],[35,0,35,6],[35,8,35,17],[37,8,37,17],[36,0,36,6],[38,0,38,6],[37,0,37,6],[36,8,36,17],[31,0,31,6],[32,0,32,6],[33,0,33,6],[28,0,28,6],[26,0,26,6],[27,0,27,6],[29,0,29,6],[30,0,30,6],[34,0,34,6],[0,0,0,18],[1,0,1,18],[11,0,11,6],[14,0,14,6],[12,7,12,17],[14,7,14,17],[11,7,11,17],[12,0,12,6],[10,8,10,17],[10,0,10,6],[3,7,3,17],[9,8,9,17],[3,0,9,6],[13,0,13,6],[18,0,18,6],[13,7,13,17],[18,7,18,17],[19,7,19,17],[24,7,24,17],[25,7,25,17],[15,7,15,17],[16,7,16,17],[21,7,21,17],[22,7,22,17],[23,7,23,17],[20,7,20,17],[17,7,17,17],[31,7,31,17],[32,7,32,17],[33,7,33,17],[34,8,34,17],[26,7,26,17],[27,7,27,17],[28,7,28,17],[29,7,29,17],[30,7,30,17]]}
["Investment Business Test Licence Application Form",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Check"]
["APPLICANT DETAILS"]
[]
["Please indicate all investment activities in relation to which pilot or beta testing will be carried out",null,null,null,null,null,null,"Investment Activity (please select as applicable)",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H4=0,H4=\"Select\"),0,1)","v":1}]
[null,null,null,null,null,null,null,"Select","Dealing in investments"]
[null,null,null,null,null,null,null,"Select","Arranging deals in investments"]
[null,null,null,null,null,null,null,"Select","Managing investments"]
[null,null,null,null,null,null,null,"Select","Investment Advice"]
[null,null,null,null,null,null,null,"Select","Safeguarding and administering investments"]
[null,null,null,null,null,null,null,"Select","Promotion of investments"]
["Does the applicant wish to apply for an exemption from the requirement to comply with any applicable prudential standard or requirement pursuant to section 10B of the Investment Business Act 2003? If so, please provide relevant details.",null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H11=0,H11=\"Select\"),0,1)","v":0}]
["Name of applicant",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H12=0,H12=\"Enter Legal Company Name\"),0,1)","v":0}]
["Any other names which the applicant uses (has used) or proposes to use for purposes of or in connection with any business carried on",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H13=0,H13=\"Enter Trade Name\"),0,1)","v":0}]
["Place of formation "]
["Registration number (Registrar of Companies # for Bermuda)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H15=0,H15=\"Enter Registration Number\"),0,1)","v":0}]
["Registration date",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H16=0,0,1)","v":0}]
["Registered office address",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H17=0,H17=\"Enter Head Office Address\"),0,1)","v":0}]
["Address of principal place of business in Bermuda"]
["Other places of business in Bermuda"]
["Other places of business outside Bermuda"]
["Contact person name",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H21=0,H21=\"Enter Contact Person Name\"),0,1)","v":0}]
["Contact person telephone number",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H22=0,H22=\"Enter Contact Person Phone Number\"),0,1)","v":0}]
["Contact person e-mail address(es)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H23=0,H23=\"Enter Contact Person Email Address(es)\"),0,1)","v":0}]
["Website(s) and social media account(s)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H24=0,H24=\"Enter Website and Social Media Account\"),0,1)","v":0}]
["Name(s) and address(es) of the applicant's principal banker(s) within the last ten years"]
["Name(s) and address(es) of banker(s) with whom the applicant maintains or proposes to maintain client accounts"]
["Name(s) and address(es) of the main custodian(s) of the client assets:"]
["a) securities"]
["b) other"]
["Name and addresses of the applicant's auditors (where applicable)"]
["Names and addresses of any other regulatory body with responsibility for the applicant."]
["Names of all directors and senior executives (identify the independent directors)"]
["Names of all controllers of the undertaking, indicating the relevant category of controller and whether individual or corporate, (e.g., 'majority shareholder controller' if the person controls 50% or more of the shares or voting power of the institution)."]
["Names and positions in the undertaking of the persons who are responsible for effectively directing the business"]
["Does the applicant provide service(s) in relation to investment business in another jurisdiction? If so, please provide relevant details.",null,null,null,null,null,null,"Select"]
["Has the applicant had an application to carry out pilot or beta testing in relation to investment activities rejected in another jurisdiction? If so, please provide relevant details.",null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H36=0,H36=\"Select\"),0,1)","v":0}]
["If 'Yes' has been selected for the previous question, does the applicant intend to migrate its existing customers (all or part thereof) to Bermuda upon licensing? If so, please provide relevant details (total number, type of customers, associated timelines etc.).",null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H37=0,H37=\"Select\"),0,1)","v":0}]
["Has the applicant carried out pilot or beta testing in relation to the proposed product or service in another jurisdiction? If so, please provide relevant details [including the test's goal/objective, whether the goal/objective was met, reasoning (if the goal/objective was not met)].    ",null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H38=0,H38=\"Select\"),0,1)","v":0}]
["Applicant's current stage of business lifecycle (please provide relevant details)",null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(H39=0,H39=\"Select\"),0,1)","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(U4:U39)","v":1}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,21]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U41/U42","v":4.7619047619047616E-2}]

{"sheet":"III-Business Plan Information","index":2,"n_rows":70,"n_cols":21,"rows_kept":70,"cut":false,"hidden":false,"merged":[[27,15,27,18],[28,15,28,18],[29,15,29,18],[30,15,30,18],[31,15,31,18],[32,15,32,18],[33,15,33,18],[18,15,18,18],[19,15,19,18],[20,15,20,18],[21,15,21,18],[22,15,22,18],[23,15,23,18],[24,15,24,18],[25,15,25,18],[26,15,26,18],[8,15,8,18],[9,15,9,18],[10,15,10,18],[12,15,12,18],[13,15,13,18],[14,15,14,18],[15,15,15,18],[16,15,16,18],[17,15,17,18],[37,2,37,10],[36,15,36,18],[37,15,37,18],[38,2,38,10],[38,15,38,18],[39,2,39,10],[39,15,39,18],[40,15,40,18],[40,2,40,10],[7,1,10,1],[11,1,23,1],[24,1,33,1],[24,2,24,10],[30,2,30,10],[29,2,29,10],[28,2,28,10],[27,2,27,10],[25,2,25,10],[26,2,26,10],[32,2,32,10],[33,2,33,10],[31,2,31,10],[12,2,12,10],[20,2,20,10],[21,2,21,10],[22,2,22,10],[23,2,23,10],[7,2,7,10],[15,2,15,10],[18,2,18,10],[19,2,19,10],[7,15,7,18],[11,2,11,10],[11,15,11,18],[10,2,10,10],[8,2,8,10],[9,2,9,10],[51,2,51,10],[51,15,51,18],[52,2,52,10],[52,15,52,18],[47,2,47,10],[46,15,46,18],[45,15,45,18],[49,2,49,10],[49,15,49,18],[50,2,50,10],[50,15,50,18],[48,15,48,18],[48,2,48,10],[16,2,16,10],[17,2,17,10],[13,2,13,10],[14,2,14,10],[36,2,36,10],[53,2,53,10],[53,15,53,18],[54,2,54,10],[54,15,54,18],[64,15,64,18],[59,2,59,10],[59,15,59,18],[55,2,55,10],[55,15,55,18],[60,2,60,10],[60,15,60,18],[57,2,57,10],[57,11,57,13],[57,15,57,18],[62,0,64,0],[58,15,58,18],[58,2,58,10],[58,0,60,0],[63,15,63,18],[62,2,62,10],[62,15,62,18],[63,2,63,10],[64,2,64,10],[3,0,3,18],[0,0,0,18],[1,0,1,18],[5,15,5,18],[6,15,6,18],[5,11,5,13],[5,2,5,10],[6,2,6,10],[6,0,55,0],[34,15,34,18],[35,15,35,18],[41,15,41,18],[43,2,43,10],[43,15,43,18],[34,2,34,10],[35,2,35,10],[41,2,41,10],[44,2,44,10],[42,2,42,10],[46,2,46,10],[45,2,45,10],[44,15,44,18],[42,15,42,18],[47,15,47,18]]}
["Investment Business Test Licence Application Form",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Check"]
["BUSINESS PLAN INFORMATION"]
[]
["Specify which of the following information has been included in the business plan, including the relevant section(s) that such information can be found in the document. In relation to the information that has not been included in the business plan, please explain the reason thereto.  "]
[]
[null,null,"DESCRIPTION",null,null,null,null,null,null,null,null,"Y/N",null,null,null,"SECTION/S"]
["CORPORATE STRUCTURE/BUSINESS MODEL",1,"Description of proposed investment business service(s) and/or product(s) to be provided by the applicant to clients/customers. Include information on the financial standing of the company, such as any funds raised from investors (if any)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L7=0,L7=\"Select\"),0,1)","v":0}]
[null,2,"Overview of the business strategy and plan, including:\n",null,null,null,null,null,null,null,null,"Select"]
[null,null," (a) The roadmap to deploy the products, services and delivery mechanisms on a broader scale once the sandbox period is completed",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(b) The ability of the company to meet the legal and regulatory requirements that will apply upon exit",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(c)Details of any current or past participation or rejection of participation in a regulatory sandbox in another jurisdiction/country",null,null,null,null,null,null,null,null,"Select"]
[null,3,"Description of the proposed product, service or distribution channel to be offered in the General Regulatory Sandbox (GRS), including:\n \n",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(a) How the sandbox eligibility criteria outlined in the General Regulatory Sandbox Guidance Notes are met, including:",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(i) Demonstrate how the proposed product, service or business model is innovative or significantly different from existing solutions already in the market (i.e., unique)",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(ii) Define objectives for testing the expected outcomes of the proof of concept stage",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(iii) Clearly demonstrate the benefits of the proposed product or service to the industry",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(iv) Document scope, method, and results of research and due diligence conducted on the proposal (indicate all activities in relation to the pilot or beta testing that will be carried out)",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(v) Document risks and exposures identified from the proposed product or service and the risk mitigation plans",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(vi) Document the exit or transition strategy in case the testing is unsuccessful or discontinued",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(vii) Document the applicant's intention, ability, and resources to deploy the proposed product or service upon successful testing and exit from the sandbox",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(b) Details of how the product/service or technology applied differs from those already existing in the market",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(c) Benefits that the proposed product/service will have and any foreseeable risks",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(d) Details of material third-party technology or service suppliers and outsourcing arrangements",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(e) Any licences, patents or copyrights that the company holds in relation to the proposed product/service",null,null,null,null,null,null,null,null,"Select"]
[null,4,"The nature of testing that will be performed during the proof-of-concept stage, including:",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(a) Intended start and end date of the sandbox (duration)",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(b) Legal and regulatory requirements that the company requests to be modified for the duration of the sandbox",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(c) Detailed test plan, controls and scenarios",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(d) List of clients and counterparties who will be involved, including projected business and the nature of client/consumer protection",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(e) Critical success factors that will be used to monitor and measure progress",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(f) Monitoring plan to ensure prompt notification of any breach of sandbox conditions",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(g) Quantification of the maximum loss arising from sandbox activities (Bermuda Dollars or United States Dollars) and risk mitigation to minimise the impact of the loss on participating clients/consumers ",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(h) Intended communication approach to clients and counterparties disclosing participation in the sandbox and the associated risks",null,null,null,null,null,null,null,null,"Select"]
[null,null,"(i) Detailed exit plan for clients in the event the sandbox has discontinued as well as a transition plan after a successful graduation from the sandbox",null,null,null,null,null,null,null,null,"Select"]
[null,5,"Purpose for seeking licence in Bermuda, outlining the rationale for Bermuda as the chosen jurisdiction",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,6,"Corporate organogram depicting the ownership of the applicant, including identification of its ultimate parent and other relevant details of its group organisational structure including interaction between other group entities",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,null,"Proposed staff organisational chart with reporting lines, including links to other offices in the structure that may perform functions for the Bermuda based entity",null,null,null,null,null,null,null,null,"Select"]
[null,null,"Overview of the corporate governance framework and description of how the applicant complies/will comply with the Corporate Governance Policy for Investment Businesses",null,null,null,null,null,null,null,null,"Select"]
[null,null,"Description of the composition of the board of directors or similar (executive/non-executive, independent director(s), etc.)",null,null,null,null,null,null,null,null,"Select"]
[null,null,"Description of internal committee(s) (to be) put in place by the applicant (function, composition, reporting lines, etc.)",null,null,null,null,null,null,null,null,"Select"]
[null,null,"Summary of the applicant's Information Technology framework",null,null,null,null,null,null,null,null,"Select"]
[null,7,"Description of the mitigating safeguards in place (or to be put in place and associated timeline) to ensure adequate protection of customers in the event the applicant becomes insolvent and is liquidated",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,8,"As applicable, description of proposed custody arrangements for clients' assets (including client money) as well as the policies and procedures to safeguard and reconcile such assets. Where a third-party custodian is engaged, please clarify whether such custodian is/will be dealing directly with the applicant's clients or whether the applicant is/will be dealing with the custodian on behalf of its clients",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,9,"Details of insurance or any other mitigating arrangements to protect the applicant’s own operations in the event of a significant loss",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,10,"Description of the technology and/or methodology that will be used for the proposed product or service (including a technical diagram outlining the components of the solution, applications and infrastructure, and how they interact)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,11,"Targeted client base (e.g., retail, sophisticated/high net worth, institutional, etc.)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,12,"Geographic target market(s) (initial and anticipated in future)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,13,"Description of revenue models/income streams",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,14,"Type and format of data proposed to be made available to the Authority",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,0]
[null,15,"Description of benefits and risks associated with the proposed business model",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L50=0,L50=\"Select\"),0,1)","v":0}]
[null,16,"Description of guidance and support the applicant wishes to receive from the Authority",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L51=0,L51=\"Select\"),0,1)","v":0}]
[null,17,"Description of the readiness of the applicant's business to operate, including any outstanding tasks that need to be completed before the testing can commence",null,null,null,null,null,null,null,null,"Select"]
[null,18,"Description of key performance metrics and milestones for purposes of the testing, including the associated timeframes and the manner success will be measured",null,null,null,null,null,null,null,null,"Select"]
[null,19,"Description of the applicant's proposed next steps following the completion of the testing (e.g., how the applicant intends to meet all legal and regulatory requirements before exiting the testing, whether the applicant will be seeking additional approvals/licences/authorisations post-completion, etc.)",null,null,null,null,null,null,null,null,"Select"]
[null,20,"Description of the applicant's exit or wind-down plan, including details of the procedures for limiting client loss and compensating clients (in case the applicant's operation is not successful at the end of the testing period, or the testing has to be concluded early)",null,null,null,null,null,null,null,null,"Select"]
[null,21,"Any other information which the applicant determines may be relevant",null,null,null,null,null,null,null,null,"Select"]
[]
[]
["RISK AND COMPLIANCE",1,"Description of how the applicant implements the 'three lines of defence' model, including the (i) risk management, (ii) internal audit and (iii) compliance functions",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L59=0,L59=\"Select\"),0,1)","v":0}]
[null,2,"Description of the applicant's risk management function/programme",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L60=0,L60=\"Select\"),0,1)","v":0}]
[null,3,"Description of the compliance function/programme",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L61=0,L61=\"Select\"),0,1)","v":0}]
[]
["FINANCE",1,"Detailed description of all costs associated with the pilot or beta testing, broken down into categories (all information should be presented in US Dollars)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L63=0,L63=\"Select\"),0,1)","v":0}]
[null,2,"Audited financial statements for the last three years (if applicable) or unaudited financial statements",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L64=0,L64=\"Select\"),0,1)","v":0}]
[null,3,"Capitalisation amount and source(s) of funding",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,{"$f":"IF(OR(L65=0,L65=\"Select\"),0,1)","v":0}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(U7:U65)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,39]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U68/U69","v":0}]

{"sheet":"IV-Insurance","index":3,"n_rows":18,"n_cols":13,"rows_kept":18,"cut":false,"hidden":false,"merged":[[15,0,15,4],[15,6,15,9],[16,0,16,4],[16,6,16,9],[10,1,10,4],[11,1,11,4],[12,1,12,4],[13,1,13,4],[14,0,14,4],[14,6,14,9],[9,1,9,4],[0,0,0,9],[1,0,1,9],[2,0,3,5],[2,6,3,6],[2,7,3,7],[2,8,3,8],[2,9,3,9],[4,1,4,4],[5,1,5,4],[6,1,6,4],[7,1,7,4],[8,1,8,4]]}
["Investment Business Test Licence Application Form",null,null,null,null,null,null,null,null,null,null,null,"Check"]
["Insurance Cover"]
["Indicate below whether the Applicant has cover in respect of the following:-",null,null,null,null,null,"Limits","Deductible","Insurer","Broker"]
[]
["a","Errors and omissions",null,null,null,"Select",null,null,null,null,null,null,{"$f":"IF(OR(#REF!=0,#REF!=\"Select\"),0,1)","v":{"$error":"#REF!"}}]
["b","Directors and officers liability\n",null,null,null,"Select",null,null,null,null,null,null,{"$f":"IF(OR(#REF!=0,#REF!=\"Select\"),0,1)","v":{"$error":"#REF!"}}]
["c","Fidelity and forgery ",null,null,null,"Select"]
["d","Loss of property",null,null,null,"Select",null,null,null,null,null,null,{"$f":"IF(OR(#REF!=0,#REF!=\"Select\"),0,1)","v":{"$error":"#REF!"}}]
["e","Computer crime",null,null,null,"Select",null,null,null,null,null,null,{"$f":"IF(OR(#REF!=0,#REF!=\"Select\"),0,1)","v":{"$error":"#REF!"}}]
["f","Computer damage",null,null,null,"Select"]
["g","Business interruption",null,null,null,"Select"]
["h","Office contents",null,null,null,"Select"]
["i","Political risk",null,null,null,"Select"]
["j","Other insurance (please provide details)",null,null,null,"Select"]
["Has any application for insurance by the applicant  or any predecessors in business ever been refused?",null,null,null,null,"Select"]
["Have any material insurance claims been made by  the applicant or any predecessors in business?",null,null,null,null,"Select",null,null,null,null,null,null,{"$f":"SUM(M5:M15)","v":{"$error":"#REF!"}}]
["Name(s) and address(es) of insurer(s):"]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"M16/#REF!","v":{"$error":"#REF!"}}]

{"sheet":"V-Prior Issues","index":4,"n_rows":19,"n_cols":19,"rows_kept":19,"cut":false,"hidden":false,"merged":[[12,1,12,11],[13,1,13,11],[14,1,14,11],[15,1,15,11],[6,1,6,11],[7,1,7,11],[8,1,8,11],[9,1,9,11],[10,1,10,11],[11,1,11,11],[5,1,5,11],[0,0,0,15],[1,0,1,15],[2,0,3,12],[2,13,3,15],[4,1,4,11],[4,13,4,15],[5,13,5,15],[6,13,6,15],[7,13,7,15],[8,13,8,15],[9,13,9,15],[10,13,10,15],[11,13,11,15],[12,13,12,15],[13,13,13,15],[14,13,14,15],[15,13,15,15]]}
["Investment Business Test Licence Application Form",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Check"]
["Prior Issues"]
["If the answer to any of the questions below is yes, please give full particulars in the additional information column.",null,null,null,null,null,null,null,null,null,null,null,null,"Additional information, if required"]
[]
["a","Has the applicant ever applied for and been refused a licence or an equivalent authorisation or registration to conduct banking, digital asset, digital asset issuance, corporate service provider, fund administration provider, money service,  investment, insurance or trust business in Bermuda or elsewhere?",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F5=0,F5=\"Select\"),0,1)","v":0}]
["b","Has the applicant failed to satisfy a judgement debt under a court order in Bermuda or elsewhere within a year of the making of the order?",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F6=0,F6=\"Select\"),0,1)","v":0}]
["c","Has the applicant made any compromise or arrangement with its creditors or otherwise failed to satisfy creditors in full?",null,null,null,null,null,null,null,null,null,null,"Select"]
["d","Has the applicant ever had a receiver appointed over any of its property in Bermuda, or has the substantial equivalent of any such person been appointed in any other jurisdiction? If so, give full particulars.",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F8=0,F8=\"Select\"),0,1)","v":0}]
["e","Has the applicant ever had a petition for an administration order or the substantial equivalent of such a petition served on it in any jurisdiction?",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F9=0,F9=\"Select\"),0,1)","v":0}]
["f","Has the applicant ever had a notice of resolution for liquidation in Bermuda, or had the substantial equivalent of such a notice given in any other jurisdiction?",null,null,null,null,null,null,null,null,null,null,"Select"]
["g","Has a petition ever been served in Bermuda for the compulsory liquidation of the applicant or any member of a group of which the applicant is a member or has the substantial equivalent of such a petition ever been served in any other jurisdiction?",null,null,null,null,null,null,null,null,null,null,"Select"]
["h","Has an inspector or other authorised officer of any government department or agency, professional association or other regulatory body appointed under any Bermuda law (e.g., the Companies Act 1981) or equivalent overseas enactment, ever investigated the affairs of the applicant or any member of a group of which the applicant is a member?",null,null,null,null,null,null,null,null,null,null,"Select"]
["i","Has the applicant or any member of a group of which the applicant is a member been required to produce books or records pursuant to section 110 of the Companies Act 1981 or similar provisions of regulatory legislation (e.g., section 40 of the Banks and Deposit Companies Act 1999) within Bermuda or elsewhere?\n",null,null,null,null,null,null,null,null,null,null,"Select"]
["j","Has the applicant or any member of a group of which the applicant is a member ever been censured, prosecuted or warned as to future conduct, or disciplined or publicly criticised by, or made the subject of a court order at the instigation of any supervisory or regulatory authority?",null,null,null,null,null,null,null,null,null,null,"Select"]
["k","Has the applicant or any member of a group of which the applicant is a member ever been refused entry in Bermuda or elsewhere to any professional body, stock exchange or trade association concerned with banking, trust or financial services?",null,null,null,null,null,null,null,null,null,null,"Select"]
["l","Is the applicant or any member of a group of which the applicant is a member engaged, or does it expect to be engaged in Bermuda or elsewhere in any litigation which may have a material effect on the resources of the undertaking?",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F16=0,F16=\"Select\"),0,1)","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(S5:S17)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S18/#REF!","v":{"$error":"#REF!"}}]

{"sheet":"VI-Documentation Checklist","index":5,"n_rows":50,"n_cols":21,"rows_kept":50,"cut":false,"hidden":false,"merged":[[26,11,26,14],[34,11,34,14],[11,11,11,14],[13,11,13,14],[21,11,21,14],[28,11,28,14],[30,11,30,14],[15,11,15,14],[17,11,17,14],[19,11,19,14],[22,11,22,14],[24,11,24,14],[32,11,32,14],[45,1,45,9],[42,1,42,9],[43,1,43,9],[44,11,44,14],[34,1,34,9],[35,1,35,9],[38,1,38,9],[36,1,36,9],[44,1,44,9],[39,1,39,9],[39,11,39,14],[41,11,41,14],[35,11,35,14],[36,11,36,14],[37,11,37,14],[38,11,38,14],[0,0,0,18],[1,0,1,18],[9,1,9,9],[10,1,10,9],[3,0,3,18],[4,0,4,6],[5,1,5,9],[5,11,5,14],[7,1,7,9],[7,11,7,14],[9,11,9,14],[6,1,6,9],[41,1,41,9],[13,1,13,9],[37,1,37,9],[11,1,11,9],[15,1,15,9],[17,1,17,9],[19,1,19,9],[21,1,21,9],[22,1,22,9],[28,1,28,9],[30,1,30,9],[32,1,32,9],[27,1,27,9],[24,1,24,9],[12,1,12,9],[26,1,26,9]]}
["Investment Business Test Licence Application Form",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Check"]
["DOCUMENTATION CHECKLIST"]
[]
["Application for an investment business test licence must include the following documentation/information. The Authority may, at its discretion and on the basis of the nature, scale and complexity of a business model, require any further documentation and/or information as it may deem necessary. \n\nNote: Whilst the Authority acknowledges that all documents required for a comprehensive  test licence application may not be available at the time of application, or may not be applicable based on the business plan, applicants are advised to submit all pertinent documents as applicable (in draft form if necessary) to assist in the Assessment and Licensing Committee review process. In cases where required documentation or information is not provided, a written explanation for any such omission is required. Applications that do not contain the necessary documents or information may be deferred or deemed insufficient for review."]
[]
[1,"A cover letter providing an executive summary of the application, indicating that it is a GRS application and highlighting how the minimum licensing criteria would be satisfied",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K6=0,K6=\"Select\"),0,1)","v":0}]
[]
[2,"Constitutional documents (i.e., copies of memorandum of association, certificate of incorporation, registration permit (as applicable and available)",null,null,null,null,null,null,null,null,"Select"]
[]
[3,"A business plan which should, to the extent applicable to the specific applicant and its proposed business, include the matters specified in Tab 'III-Business Plan Information'",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K10=0,K10=\"Select\"),0,1)","v":0}]
[]
[4,"Institutional Questionnaires in respect of the applicant's institutional controllers (i.e., shareholder controllers, which are undertakings), accompanied by the respective supporting documentation stated therein",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K12=0,K12=\"Select\"),0,1)","v":0}]
[]
[5,"Personal Questionnaires in respect of the applicant's individual directors, controllers, senior executives and ultimate beneficial owners, accompanied by the respective supporting documentation stated therein",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K14=0,K14=\"Select\"),0,1)","v":0}]
[]
[6,"Copy of the applicant's corporate governance policy and any other supporting documents that evidence compliance with the BMA Corporate Governance Policy July 2020 and the nine Principles contained therein ",null,null,null,null,null,null,null,null,"Select"]
[]
[7,"Copy of the applicant's risk management policy (including a risk appetite statement) together with a risk register/matrix that identifies key risks and details how risk items are tracked, mitigated, monitored and controlled ",null,null,null,null,null,null,null,null,"Select"]
[]
[8,"Copy of the applicant's compliance policy (including regulatory compliance) and any other supporting compliance related documents/procedures",null,null,null,null,null,null,null,null,"Select"]
[]
[9,"Copy of the applicant's operational policies and procedure documents that fully detail work processes in connection with the proposed business activities ",null,null,null,null,null,null,null,null,"Select"]
[10,"Copy of the applicant's business continuity and disaster recovery plans",null,null,null,null,null,null,null,null,"Select"]
[]
[11,"Where available and applicable, copies of letters of intent from both the client companies and customers with whom the company plants to conduct investment business",null,null,null,null,null,null,null,null,"Select"]
[]
[12,"Copy of the applicant's cyber security policy and any other supporting documentation that evidence compliance with the BMA Operational Cyber Risk Management Code 2022",null,null,null,null,null,null,null,null,"Select"]
[]
[13,"Policies and procedure documents utilised in connection with the applicant's Information Technology programme ",null,null,null,null,null,null,null,null,"Select"]
[]
[14,"Copies of client agreements/standard investor agreements and fee structures (applicable and appropriate risk warnings must be included)",null,null,null,null,null,null,null,null,"Select"]
[]
[15,"Copy of the applicant's outsourcing / third party service provider or vendor management policy",null,null,null,null,null,null,null,null,"Select"]
[]
[16,"Copy of the applicant's Anti-Money Laundering and Anti-Terrorism Financing (AML/ATF) and sanctions programme, which should include the following information:",null,null,null,null,null,null,null,null,"Select"]
["(i)","AML/ATF and sanctions policies and procedures, which demonstrate the applicant’s compliance with each individual regulatory and/or legislative requirement in the Proceeds of Crime (AML/ATF) Regulations 2008 and the International Sanctions Regulations 2013 (Bermuda Sanctions Regime)",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K36=0,K36=\"Select\"),0,1)","v":0}]
["(ii)","Business Money Laundering/Terrorist Financing (ML/TF) risk assessment, which demonstrates the applicant’s assessment of its ML/TF risks against the ML/TF risk factors (customer, geography, delivery channel and products/services)\n\nNote: The business ML/TF risk assessment should include the identification of the applicant’s inherent risks of ML/TF and sanctions violations against each of the ML/TF risk factors, the assessment of the results of the national risk assessment and its impact on the applicant, the applicant’s mitigation measures in place and the consequent residual risks",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K37=0,K37=\"Select\"),0,1)","v":0}]
["(iii)","Customer ML/TF risk assessment methodology, and accompanying form/tool for new and ongoing business relationships\n\nNote: The customer ML/TF risk assessment methodology and accompanying form/tool should adequately assess the ML/TF risks (customer, geography, delivery channel and products/services) in order to determine each customer’s risk rating, which in turn will determine the level of initial customer due diligence and ongoing monitoring required. The methodology should include consideration of events that would trigger a potential re-rating or ad hoc customer review",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K38=0,K38=\"Select\"),0,1)","v":0}]
["(iv)","With respect to any AML/ATF and/or sanctions functions that have been outsourced: (a) a copy of the service level agreement(s) in place, which describe what functions have been outsourced/insourced, and to which internal/external provider; and (b) information and/or evidence documenting how the applicant will monitor and manage their provider's/providers' performance to demonstrate that the applicant retains ultimate responsibility for AML/ATF and sanctions compliance",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K39=0,K39=\"Select\"),0,1)","v":0}]
["(v)","Information and/or evidence of the qualifications and experience of the applicant’s compliance officer and money laundering reporting officer",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K40=0,K40=\"Select\"),0,1)","v":0}]
[]
[17,"Application fee",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K42=0,K42=\"Select\"),0,1)","v":0}]
[]
[]
[18,"Copies of the most recent statutory financial statements and/or any other relevant financial information evidencing compliance of the applicant with (where applicable) the capital, solvency and liquidity requirements of the foreign jurisdiction",null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,null,null,null,null,{"$f":"IF(OR(K45=0,K45=\"Select\"),0,1)","v":0}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(U6:U45)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,28]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U48/U49","v":0}]

{"sheet":"VII-Declarations","index":6,"n_rows":30,"n_cols":19,"rows_kept":30,"cut":false,"hidden":false,"merged":[[26,1,26,4],[26,6,26,9],[26,11,26,15],[29,0,29,15],[18,1,18,4],[18,6,18,9],[18,11,18,15],[22,0,25,0],[22,1,25,4],[22,6,25,9],[22,11,25,15],[0,0,0,15],[8,1,8,11],[11,0,11,12],[14,0,17,0],[14,1,17,4],[14,6,17,9],[14,11,17,15],[7,1,7,11],[1,0,1,15],[3,0,3,6],[4,0,5,12],[6,1,6,11]]}
["Investment Business Test Licence Application Form"]
["DECLARATIONS"]
[]
[]
["I, (full name and address)"]
[]
[1,"Confirm that I have read and understand the provisions of the Investment Business Act 2003 (Act) and I declare that the business in respect of which this application is made will be conducted in accordance with the provisions of the Act, the Regulations, Rules and Codes of Conduct.",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F7=0,F7=\"Select\"),0,1)","v":0}]
[2,"Declare that the particulars supplied in the application are true to the best of my knowledge and belief.",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F8=0,F8=\"Select\"),0,1)","v":0}]
[3,"Confirm that the applicant shall notify the BMA immediately if the information provided changes in any material way either prior to or subsequent to licensing or registration, as applicable.",null,null,null,null,null,null,null,null,null,null,"Select",null,null,null,null,null,{"$f":"IF(OR(F9=0,F9=\"Select\"),0,1)","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(S7:S10)","v":0}]
["Note: The declaration should be signed electronically (see 'I-Instructions' tab for further details) by two directors, or one director and an officer of the applicant.",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S11/S12","v":0}]
[]
[1]
[]
[]
[]
[null,"Name and e-mail address",null,null,null,null,"Position",null,null,null,null,"Date and signature"]
[]
[]
[]
[2]
[]
[]
[]
[null,"Name and e-mail address",null,null,null,null,"Position",null,null,null,null,"Date and signature"]
[]
[]
["WARNING: Any person who, in relation to an application for a licence or registration, issues a document or supplies information which is false or misleading in a material respect; or signs a document which is false or misleading in a material respect; or takes part in the preparation or issue of a document, or the supplying of information, which is false or misleading in a material respect, shall be guilty of an offence and liable on summary conviction to a fine of $25,000 or to imprisonment for two years or to both; and on conviction on indictment to a fine of $100,000 or imprisonment for four years (Section 82 of the Investment Business Act 2003). "]