Regulatory Alerts2024-09-05
Securities and Investment Business (Amendment of Schedule 1) Order, 2024
The Cabinet of the Virgin Islands, acting on the Financial Services Commission’s advice, issued this Order to amend Schedule 1 of the Securities and Investment Business Act. The amendment inserts a new paragraph defining foreign exchange instruments as contracts to exchange one currency for another. Deriving authority from section 108(1) of the Act, the Order takes effect on a date designated by the Minister via Gazette notice.
VIRGIN ISLANDS SECURITIES AND INVESTMENT BUSINESS (AMENDMENT OF SCHEDULE 1) ORDER, 2024 ARRANGEMENT OF SECTIONS SECTION
- Citation and commencement
- Schedule 1 amended
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2024 NO. 42 SECURITIES AND INVESTMENT BUSINESS ACT (REVISED EDITION 2020) Securities and Investment Business (Amendment of Schedule 1) Order, 2024 [Gazetted5 th September, 2024] The Cabinet, in exercise of the power conferred by section 108 (1) of the Securities and Investment Business Act, Revised Edition 2020, and acting on the advice of the Financial Services Commission, makes this Order. Citation and commencement
- (1) This Order may be cited as the Securities and Investment Business (Amendment of Schedule 1) Order, 2024. (2) This Order shall come into force on such date as the Minister may, by Notice published in the Gazette, appoint. Schedule 1 amended
- Schedule 1 of the Securities and Investment Business Act, Revised Edition 2020, is amended by inserting after paragraph 7, the following new paragraph “Instruments for foreign exchange 7A. Contracts to exchange one currency for another.”. Made by the Cabinet this 5 th day of September, 2024. (Sgd.) Sandra Ward, Cabinet Secretary.