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Financial Services (Prudential and Statistical Returns) Order (Revised 2020)
The Financial Services Commission of the Virgin Islands mandates that regulated persons submit accurate prudential and statistical returns to facilitate timely risk identification and statistical analysis. The Order establishes specific filing deadlines, procedures for electronic submission, and mechanisms for rectifying inaccurate data or requesting filing extensions. Non-compliance with these reporting obligations subjects regulated entities to administrative penalties and further enforcement actions under the Financial Services Commission Act.
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LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 79
Revision Date: 1 Jan 2020 [Statutory Instrument]
FINANCIAL SERVICES (PRUDENTIAL AND STATISTICAL RETURNS) ORDER
ARRANGEMENT OF SECTIONS
SECTION


    

  1. Short title
    2. 

  2. Interpretation
    3. 

  3. Objectives
    4. 

  4. Filing returns
    5. 

  5. Period for filing returns
    6. 

  6. Extension for filing returns
    7. 

  7. Rectification of filed returns
    8. 

  8. Electronic filing of returns
    9. 

  9. Application of guidelines
    10. 

  10. Penalties
SCHEDULE 1: Statistical Return for Mutual Funds
SCHEDULE 2: Prudential Return for Banks
SCHEDULE 3: Prudential Return for Fudiciary Services Business
SCHEDULE 4: Notification by Regulated Person to Rectify Return
SCHEDULE 5: Administrative Penalties
    11. 



LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 81
Revision Date: 1 Jan 2020 [Statutory Instrument]
FINANCIAL SERVICES (PRUDENTIAL AND
STATISTICAL RETURNS) ORDER– SECTION 56A
(S.I.s 47/2009 and 29/2018)
Commencement
[12 November 2009]
Short title


    

  1. This Order may be cited as the Financial Services (Prudential and Statistical
Returns) Order.
Interpretation
    2. 

  2. In this Order, unless the context otherwise requires—
“Act” means the Financial Services Commission Act;
“applicable Schedule” or “relevant Schedule” refers to any of the Schedules outlined in
this Order as may be applicable in relation to a regulated person;
“Commission” means the Financial Services Commission established under section 3(1)
of the Financial Services Commission Act; and
“regulated person” means a person authorized, licensed, registered or recognized or
required to be so authorized, licensed, registered or recognized under a
regulatory legislation referred to in Part 1 of Schedule 1 of the Financial Services
Commission Act.
Objectives
    3. 

  3. (1) The objectives of this Order are—
(a) to facilitate the timely preparation and submission by regulated persons
of prudential and statistical returns required by the Commission in order
to enable the Commission—
(i) to identify any problems on a timely basis to safeguard the interests
of its licensees, the financial services industry and the reputation of
the Territory; and
(ii) to analyse and develop relevant statistical data for use by the
Commission or for public dissemination;
(b) to enable the Commission to appropriately respond to requests for
information consistent with its international obligations as a regulatory
body or by virtue of its membership, observer status or other connection
with any domestic or international institution or pursuant to any
memorandum of understanding or other agreement or commitment
which is consistent with its functions as a regulatory body;
(c) to facilitate the Commission in the discharge of its duties or exercise of
its powers under the Financial Services Commission Act; and
(d) to facilitate the electronic filing of prudential and statistical returns in a
more efficient manner thereby ensuring timeliness and reduced
administrative costs.
    4. 



Financial Services
82 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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(2) Any prudential or statistical return received by the Commission pursuant to
this Order shall be used only for the purposes outlined in section 56A of the Act and in
pursuance of the objectives outlined in subsection (1).
Filing returns
4. (1) Every regulated person shall file with the Commission the relevant
prudential or statistical return in accordance with the requirements of the relevant
Schedule applicable in the regulated person’s case.
(2) It is the duty of every regulated person to ensure that the information
contained in any prudential or statistical return filed pursuant to subsection (1) is
accurate and complete.
(3) A prudential or statistical return filed under subsection (1) shall not be
considered to be properly filed or to be accepted by the Commission if—
(a) it is not fully completed by providing all the relevant information
required;
(b) it contains any information that is materially inaccurate or misleading;
(c) within a period of 7 days after the date it has been filed, the Commission
rejects it and notifies the regulated person concerned in writing,
providing the reason for the rejection; or
(d) section 8(2) applies, to the extent stated therein.
(4) For the purposes of—
(a) subsection (3)(a), a prudential or statistical return shall not be
considered to be incomplete simply on account of the absence of
information which does not apply in the case of the regulated person
concerned or which, on account of the regulated person not engaging in
any business for any particular period, is not available;
(b) subsection (3)(b), information contained in a prudential or statistical
return is considered to be materially inaccurate or misleading if the
Commission is satisfied that the information—
(i) is wrong and cannot be relied upon for the purposes of section 56A
of the Act or section 3 of this Order;
(ii) has persistent errors that are not of a clerical nature; or
(iii) is otherwise provided in a manner not consistent with the
requirements of the applicable Schedule or any provision of this
Order.
(5) For the purposes of subsection (4)(a), the onus is on the regulated person
that claims to be unable to provide a required information in a prudential or statistical
return on account of not having engaged in business for any particular period to prove
the claim to the satisfaction of the Commission and in this regard the Commission may
require such information as it considers appropriate.
Period for filing returns
5. (1) The period within which a prudential or statistical return must be filed by a
regulated person shall be that provided in the relevant Schedule.


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 83
Revision Date: 1 Jan 2020 [Statutory Instrument]
(2) Nothing contained in this Order affects the operation of any time frame for
the provision of any report, statement, return or other obligation under the Act or any
regulatory legislation.
Extension for filing returns
6. (1) Subject to subsections (2) and (3), the Commission may, upon written
application received from a regulated person, grant an extension for the filing of a
prudential or statistical return by the regulated person for a period of up to 30 days.
(2) The Commission shall not exercise the power conferred under subsection
(1)—
(a) unless the written application for extension of time is received by the
Commission at least 7 days before the date of expiry of the period
stipulated in the applicable Schedule in respect of a prudential or
statistical return;
(b) if a prudential or statistical return required of the regulated person for
any period remains outstanding prior to the date of receipt of the written
application for extension of time;
(c) if at the date of receipt of an application for extension of time any
penalty imposed on or applicable to a regulated person remains unpaid;
(d) if the reason for the written application for extension of time relates to
the absence of a particular officer from office, occurrence of a vacancy,
shortage of staff or pressure of work or other similar reason; or
(e) if for any reason the Commission considers that it is not appropriate or
in the interest of the due performance of its functions to grant an
extension of time.
(3) In making a decision on an application for extension of time under
subsection (1), the Commission shall have regard to the following matters—
(a) whether the delay in submitting a prudential or statistical return is due to
an act of nature beyond the control of the regulated person, such as the
occurrence of a hurricane, earthquake, tsunami or other natural cause
which has affected the efficient functioning of the regulated person;
(b) whether the operations of the regulated person have been adversely
affected by a fire or flood on its premises or other premises at which it
maintains its records and for which the regulated person is not
responsible;
(c) whether the records of the regulated person have been stolen or severely
interfered with in a robbery, for instance, as to make it difficult to
comply with the required deadline for the filing of prudential or
statistical returns;
(d) where audited financial statements are required but have not been
received, whether there is a written confirmation from the regulated
person’s auditor that the audit is incomplete and providing reason for
the delay and when the audit is likely to be completed;


Financial Services
84 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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(e) the compliance culture of the regulated person and whether the
regulated person is likely to comply with its obligations if granted an
extension of time;
(f) whether there is any other reason provided by the regulated person
which the Commission considers compelling and acceptable.
(4) The onus is on the regulated person that seeks to rely on any of the matters
outlined in subsection (3) to provide sufficient information to the Commission in support
of its written application for extension of time and the Commission may require such
other information from the regulated person as it considers appropriate for the purpose
of making its decision.
Rectification of filed returns
7. (1) Where, after filing a prudential or statistical return, a regulated person
becomes aware that the return contains information that is inaccurate or misleading, it
shall, within 5 days of becoming so aware, notify the Commission of that fact in writing
in accordance with Part I of Schedule 4 and provide the accurate information.
(2) Where, after receiving and accepting a prudential or statistical return filed
with it, the Commission discovers or becomes aware of information in the return which
it is satisfied is materially inaccurate or misleading, it shall notify the regulated person in
writing of that fact and require the regulated person concerned to provide the accurate
information in accordance with Part I of Schedule 4 within a period of 7 days from the
date of the notification.
(3) The Commission may notify the regulated person under subsection (2) in
accordance with Part II of Schedule 4.
(4) Subject to section 4(3), no penalty applies in respect of an inaccurate or
misleading information contained in a prudential or statistical return which has been
discovered or become known by the Commission after the return had been filed with and
accepted by the Commission if the regulated person concerned complies with the
requirements of subsection (1) or (2), as the case may be.
(5) The provisions of section 6 shall not apply to this section.
Electronic filing of returns
8. (1) For the purposes of sections 4, 6 and 7, a regulated person may file a
prudential or statistical return, or effect a rectification to such return, in an electronic
form by utilizing the forms of the returns or rectification as outlined in the relevant
Schedules and provided by the Commission on its website or through such other
electronic medium as may be provided by the Commission.
(2) Where information relating to a prudential or statistical return is contained in
a compact disk or other electronic storage device and transmitted for the purposes of
satisfying the requirements of this Order, the return to which the compact disk or other
electronic storage device relates shall not be considered to be properly filed and accepted
by the Commission if the Commission—
(a) is unable to load onto the Commission’s systems the information
contained in the compact disk or other electronic storage device; and
(b) notifies the regulated person concerned in accordance with section
4(3)(c).


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 85
Revision Date: 1 Jan 2020 [Statutory Instrument]
Application of guidelines
9. Where the Commission issues guidelines in relation to this Order, the guidelines
shall have effect in the application and implementation of the Order.
Penalties
10. (1) A regulated person that commits the breaches outlined in the second column
of Schedule 5 is liable to the penalties prescribed in column 3 thereof.
(2) In addition to any penalty imposed on a regulated person under Schedule 5,
the Commission may take such other enforcement action as it deems appropriate under
the Financial Services Commission Act and any applicable regulatory legislation.




Financial Services
86 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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SCHEDULE 1
(Section 4)
STATISTICAL RETURN FOR MUTUAL FUNDS
The Statistical Returns in respect of 2008 are to be filed with the Financial Services
Commission on or before 15 November, 2009.
Thereafter subsequent Statistical Returns are to be filed with the Financial Services
Commission on or before 30th June in respect of the year immediately preceding.


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 87
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
88 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 89
Revision Date: 1 Jan 2020 [Statutory Instrument]




Financial Services
90 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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SCHEDULE 2
(Section 4)
PRUDENTIAL RETURN FOR BANKS
The Prudential Return is to be completed and filed with the Financial Services
Commission on a quarterly basis on or before the last day of the month following the end
of the relevant quarter to which the Return relates.


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 91
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
92 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 93
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
94 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 95
Revision Date: 1 Jan 2020 [Statutory Instrument]
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
26. TEN LARGEST MARKET LOANS
Bank Amount Related
(Y/N)
Country of
office/
branch where
loan booked
Maturity Date
(dd/mm/yyyy)
1
2
3
4
5
6
7
8
9
10
Total


Financial Services
96 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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27. TEN LARGEST DEPOSITORS
Customer Amount Related
(Y/N)
Maturity Date
(dd/mm/yyyy)
1
2
3
4
5
6
7
8
9
10
Total


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Financial Services
(Prudential and Statistical Returns) Order 97
Revision Date: 1 Jan 2020 [Statutory Instrument]
28. LARGE EXPOSURES TO INDIVIDUAL NON-BANK COUNTERPARTIES AND
GROUPS OF CLOSELY RELATED NON-BANK COUNTERPARTIES
Customer Related
Party
(Y/N)
Exposure
at
reporting
date
Max
exposure
in
reporting
period
Longest
maturity
date
(dd/mm/
yyyy)
Amounts
Overdue
(Y/N)
Specific
provis￾ions
Descript
-ion of
Security
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20


Financial Services
98 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
29. TEN LARGEST EXPOSURES TO CENTRAL GOVERNMENTS
Country Code (see list in
“Country” Tab)
Exposure at
reporting date
Maximum
exposure in
reporting
period
Longest
Maturity Date
(dd/mm/yyyy)
1
2
3
4
5
6
7
8
9
10
Total


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 99
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
100 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
31. SECURITY INVESTMENTS
Type Book Value Market
Value
Net
Unrealised
Gain/(Loss)
31.1 Total Trading Securities
31.1.1. Debt
31.1.2. Equity
31.1.3.. Other
31.2
Total Investment and Held￾to-Maturity
31.2.1. Debt
31.2.2. Equity
31.2.3. Other
31.3 Other (Specify
31.3.1.
31.3.2.
31.3.3.
31.3.4.
31.3.5.
31.4 Grand Total


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 101
Revision Date: 1 Jan 2020 [Statutory Instrument]
Past Due & Non-accrual loans + Other assets
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
ASSET CATEGORY
30-89 Days
Past Due
90 Days &
Over Past
Due
Total Non￾Accruing


    

  1. Loans to banks
    2. 

  2. Commercial & Industrial loans
    3. 

  3. Personal Loans
    4. 

  4. Other loans and assets
    5. 

  5. TOTAL
MEMORANDA:
    6. 

  6. Loans to related parties
    7. 

  7. 



Restructured loans (current
reporting period)


Financial Services
102 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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REPRICING MATURITIES – Interest Rate Sensitivity
Enter amount in US dollars to the nearest thousand, omitting $000s.
Sight
–8
days
8 days
–1
month
1 month
–3
months
3 – 6
Months
6 – 12
Months
1 – 5
Years
Over 5
Years
Non-Interest
Sensitive
(Assets and
Liabilities)
Total
ASSETS
1
Cash and
deposits
2 Loans
3
Investments
4
Other assets
5
Total Assets
LIABILITIES & EQUITY
6
Deposits
from banks
7
Other
deposits
8 Loans
9
Other
liabilities
10
Total
Liabilites
11 Equity
12 Total
Liabilites &
Equity
13 Off-balance
sheet items
14 Net Position


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 103
Revision Date: 1 Jan 2020 [Statutory Instrument]
Off-balance sheet items (non-derivative instruments)
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
Indirect credit
instruments
Book
amount
Risk class
A: Nil B: Low C: Low-Medium D: Medium E: Full
1.
Commitments
1 year & under
2.
Short-term
trade letters of
credit
3.
Commitments
over 1 year
4.
Transactions￾related
contigencies
and
guarantees.
5.
Direct credit
substitutes,
standby L/Cs,
repos, forward
asset
purchases


Financial Services
104 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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Derivative Instruments*
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
Off-Balance Sheet Contracts Notional/Market Amounts
Term to Maturity in Years
0 to 1 1 to 5 Over 5
A. Interest Rate Contracts


    

  1. Swaps
    2. 

  2. Futures
    3. 

  3. Forwards
    4. 

  4. Options purchased
    5. 

  5. Options written
    6. 

  6. Other interest rate derivatives
    7. 

  7. Total interest rate contracts
B. Foreign Exchange Contracts
    8. 

  8. Swaps
    9. 

  9. Futures
    10. 

  10. Spot and forwards
    11. 

  11. Options purchased
    12. 

  12. Options written
    13. 

  13. Other foreign exchange contracts
    14. 

  14. Total Foreign Exchange
    15. 

  15. 



Other Derivative Contracts (*
see below)
16. TOTAL DERIVATIVES


    

  • Please complete the next form giving the list of derivative instruments comprising this item.
    • 



LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 105
Revision Date: 1 Jan 2020 [Statutory Instrument]
Other Derivative Contracts List
Institution Name:
Licence #:
Enter amount in US dollars to the nearest thousand, omitting $000s.
1
Name of Derivative Contract Total
Notional/Market
Amount
2
3
4
5
6
7
8
9
10
11
12
13
14
15


Financial Services
106 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 107
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
108 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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Zone A Countries
Australia Luxembourg
Austria Netherlands
Belgium New Zealand
Canada Norway
Denmark Portugal
Finland Saudi Arabia
France Spain
Germany Sweden
Greece Switzerland
Iceland Turkey
Ireland United Kingdom
Italy United States
Japan
This list is based on that used by the Basle Committee’s Capital Convergence Accord which
includes those countries which are full members of the OECD, (or countries with special
lending arrangements with the IMF associated with the Funds General Agreement to
Borrow) but excludes any country within this group which has rescheduled its external
sovereign debt in the previous 5 years.
The list may be changed from time to time by the Financial Services Commission as
circumstances require.
Zone B comprises all other countries not included in this list.


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 109
Revision Date: 1 Jan 2020 [Statutory Instrument]
Country Codes for Zones A and B Countries
Country Name Code Country Name Code
Afghanistan A F Bhutan B T
Albania A L Bolivia B O
Algeria D Z
Bosnia and
Herzegovina B A
American Samoa A S Botswana B W
Andorra A D Brazil B R
Angola A O British Virgin Islands B V
Anguilla A G Brunei Darussalam B N
Antigua A A Bulgaria B G
Argentina A R
Burkina Faso
(formerly Upper
Volta) B F
Armenia A M Burundi B I
Aruba A W
Cambodia (formerly
Kampuchea) K H
Australia A U Cameroon C M
Austria A T Canada C A
Azerbaijan A Z
Canton and Enderbury
Islands C T
Bahamas B S Cape Verde C V
Bahrain B H Cayman Islands K Y
Bangladesh B D Central African Rep. C F
Barbados B B Chad T D
Belarus B Y Chile C L
Belgium B E
China, People’s
Republic C N
Belize B Z Christmas Island C X
Benin B J Colombia C O
Bermuda B M Comoros K M


Financial Services
110 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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Country Codes for Zones A and B Countries
Country Name Code Country Name Code
Congo C G Finland F I
Congo, Democratic
Republic (formerly
Zaire) C D France F R
Costa Rica C R French Guiana G F
Cote d’Ivoire C I French Polynesia P F
Croatia H R Gabon G A
Cuba C U Gambia G M
Cyprus C Y Georgia G E
Czech Republic C Z
Germany, Federal
Republic of D E
Czechoslovakia,
former C S Ghana G H
Denmark D K Gibraltar G I
Djibouti D J Greece G R
Dominica D M Greenland G L
Dominican Republic D O Grenada G D
Ecuador E C Guadeloupe G U
Egypt E G Guatemala G T
El Salvador S V Guernsey G G
Equatorial Guinea G Q Guinea G N
Eritrea E R Guinea-Bissau G W
Estonia E E Guyana G Y
Ethiopia E T Haiti H T
Falkland Islands F K Honduras H N
Faroe Islands F O Hong Kong H K
Fiji F J Hungary H U


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 111
Revision Date: 1 Jan 2020 [Statutory Instrument]
Country Name Code Country Name Code
Iceland I S Liberia L R
India I N
Libyan Arab
Jamahiriya L Y
Indonesia I D Liechtenstein L I
Iran I R Lithuania L T
Iraq I Q Luxembourg L U
Ireland I E Macao M O
Isle of Man I M Macedonia M K
Israel I L
Madagascar
(Malagasy Republic) M G
Italy I T Malawi M W
Jamaica J M Malaysia M Y
Japan J P Maldives M V
Jersey J E Mali M L
Jordan J O Malta M T
Kazakhstan K Z Martinique M Q
Kenya K E Mauritania M R
Kiribati (Formerly
Gilbert Islands) K I Mauritius M U
Korea North,
Democratic People’s
Republic of K P Mexico M X
Korea South,
Republic of K R Moldova M D
Kuwait K W Monaco M C
Kyrgystan K G Mongolia M N
Lao P.D. Republic L A Montserrat M S
Latvia L V Morocco M A
Lebanon L B Mozambique M Z
Lesotho L S
Myanmar, Union of
(formerly Burma) M M


Financial Services
112 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
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Country Name Code Country Name Code
Namibia N A Reunion R E
Nauru N R Romania R O
Nepal N P Russia R U
Netherlands N L Rwanda R W
Netherlands Antilles A N San Marino S M
New Caledonia N C
Sao Tome and
Principe S T
New Zealand N Z Saudi Arabia S A
Nicaragua N I Senegal S N
Niger N E Seychelles S C
Nigeria N G Sierra Leone S L
Norway N O Singapore S G
Oman O M Slovakia S K
Other Country Z Z Slovenia S I
Pakistan P K Solomon Islands S B
Palestinian
Autonomy P S Somalia S O
Panama P A South Africa Z A
Papua New Guinea P G Spain E S
Paraguay P Y Sri Lanka L K
Peru P E St. Helena S H
Philippines P H St. Kitts Nevis S Q
Pitcairn Islands P I St. Lucia L C
Poland P L
St. Pierre and
Miguelon P M
Portugal P T
St. Vincent and the
Grenadines V C
Qatar Q A Sudan S D


LAW OF
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Financial Services
(Prudential and Statistical Returns) Order 113
Revision Date: 1 Jan 2020 [Statutory Instrument]
Country Name Code Country Name Code
Suriname S R United States U S
Swaziland S Z Uruguay U Y
Sweden S E US Pacific Islands P U
Switzerland C H US Virgin Islands U V
Syria Arab Republic S Y Uzbekistan U Z
Taiwan T W Vanuatu V U
Tajikistan T J
Vatican City State
(Holy See) V A
Tanzania, United
Republic of T Z Venezuela V E
Thailand T H Vietnam V N
Togo T G
Wallis and Futuna
Islands W F
Tonga T O Western Sahara W H
Trinidad and Tobago T T Western Samoa W S
Tunisia T N
Yemen, The Republic
of Y E
Turkey T R Yugoslavia, former Y U
Turkmenistan T M Zaire Z R
Turks and Caicos T C Zambia Z M
Tuvalu (formerly the
Ellice Islands) T V Zimbabwe Z W
Uganda U G
Ukraine U A
United Arab
Emirates (incl.
Dubai, Abu Dhabi) A E
United Kingdom
(excludes Guernsey,
Isle of Man and
Jersey) U K
United Kingdom
(includes Guernsey,
Isle of Man and
Jersey) G B


Financial Services
114 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
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LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 115
Revision Date: 1 Jan 2020 [Statutory Instrument]
SCHEDULE 3
(Section 4)
PRUDENTIAL RETURN FOR FIDUCIARY SERVICES BUSINESS
The Prudential Return is to be completed and filed with the Financial Services
Commission on or before the last day of the month following December of each year.
(Amended by S.I. 29/2018)


Financial Services
116 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 117
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
118 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 119
Revision Date: 1 Jan 2020 [Statutory Instrument]


Financial Services
120 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS


LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 121
Revision Date: 1 Jan 2020 [Statutory Instrument]




Financial Services
122 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS
SCHEDULE 4
(Section 7)
PART I
NOTIFICATION BY REGULATED PERSON TO RECTIFY RETURN
We,…………………………………………, (name of regulated person) of ……….
………………………….. .(address) hereby notify the Financial Services Commission
that we have become aware that information contained in our prudential/statistical return*
filed with the Commission contains inaccurate or misleading information which we now seek
to rectify as follows:
No. Relevant Return Date Filed Inaccurate/Misleading
Information Provided
Correct
Information
Dated this ………………. day of ………………………., 20…
Signed: …………………………………………………………
(For and on behalf of …………………………(name of regulated person))
Please indicate below the full name, title and address of signatory
…………………………………………………………………………………………
…………………………………………………………………………………………
…………………………………………………………………………………………


    

  • Please delete as necessary
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LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 123
Revision Date: 1 Jan 2020 [Statutory Instrument]
PART II
NOTIFICATION BY THE FINANCIAL SERVICES COMMISSION TO RECTIFY RETURN
To: ………………………………………………………………….…………………..
………………………………………………………………….……………………….
………………………………………………………………...………..……………….
……………………………..……………………………………………………………
(insert name and address of relevant regulated person)
You are hereby notified that the Financial Services Commission has discovered or
become aware of information contained in your prudential/statistical* return filed
with the Commission on the day of ……………….., 20 ….. which may be inaccurate
or misleading.
Accordingly, you are directed to review the information and provide
the Commission with the accurate information within 7 days from the date here of
using the Form below and providing the required information thereunder:
No. Relevant Return Date Filed Inaccurate/Mislea
ding Information
Provided
Correct
Information
Dated this ……… day of ……………………, 20 .


    

  • Please delete as necessary
    • 



Financial Services
124 (Prudential and Statistical Returns) Order
[Statutory Instrument] Revision Date: 1 Jan 2020
LAW OF
VIRGIN ISLANDS
Signed: ……………………………………………………………
(For and on behalf of ………………………………..(name of regulated person))
Please indicate below the full name, title and address of signatory
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
This Notification is issued on behalf of the Financial Services Commission this………..
day of ………………………………………, 20 by: ………………...………..……………..
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
…………………………………………………………………………………………………
(Provide name, title and signature of official issuing Notification)




LAW OF
VIRGIN ISLANDS
Financial Services
(Prudential and Statistical Returns) Order 125
Revision Date: 1 Jan 2020 [Statutory Instrument]
SCHEDULE 5
(Section 9)
ADMINISTRATIVE PENALTIES
Section of
Order
Breached
Category of Contravention ad Description Penalty (Maximum)
4(1) (a) Failure to file a prudential or statistical
return as required by the Order (where an
extension is not granted pursuant to section
6)
$400 for the first 30 days,
and $100 for each additional
month or part thereof, during
which the return remains
outstanding
(b) Failure to file a prudential or statistical
return within the period of extension (where
an extension had been granted pursuant to
section 6)
$600, and $100 for each
additional month or part
thereof during which the
return remains outstanding
4(2) Failure to ensure that information contained in
a prudential or statistical return is accurate and
complete (this relates to information that is
materially inaccurate or misleading)
$300
7(1) Failure to notify the Commission of knowledge
of inaccurate or misleading information
contained in a filed return and providing
accurate information within the time prescribed
$700
7(2) Failure to provide accurate information as
required by the Commission within the time
prescribed to correct inaccurate information
contained in a filed return.
$700


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