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Banks and Trust Companies (Non-negotiable Certificates of Indebtedness) Order (Revised 2020)
The Financial Services Commission of the Virgin Islands issues this Order to regulate non-negotiable certificates of indebtedness required for banking and trust licenses. The regulations mandate that these certificates bear interest rates determined by the Commission and have maturity terms between six months and twenty years. Furthermore, the Order specifies that certificates are only negotiable with the Commission and may be refinanced upon maturity with mutual agreement.
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British Virgin Islands Financial Services Commission
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Banks and Trust Companies Regulations 133
Revision Date: 1 Jan 2020 [Statutory Instrument] LAW OF VIRGIN ISLANDSBANKS AND TRUST COMPANIES (NON-NEGOTIABLE
CERTIFICATES OF INDEBTEDNESS) ORDER
ARRANGEMENT OF REGULATIONS
REGULATION


    

  1. Short title
    2. 

  2. Issue of non-negotiable certificates of indebtedness
    3. 

  3. Interest on and term of maturity of, certificates
    4. 

  4. Negotiability of certificates
    5. 

  5. Re-financing of certificates ____________ BANKS AND TRUST COMPANIES (NON-NEGOTIABLE CERTIFICATES OF
INDEBTEDNESS) ORDER – SECTION 12
(S.I. 28/2002)
Commencement
[11 July 2002]
Short title
    6. 

  6. This Order may be cited as the Banks and Trust Companies (Non-Negotiable
Certificates of Indebtedness) Order.
Issue of non-negotiable certificates of indebtedness
    7. 

  7. A non-negotiable certificate of indebtedness (hereinafter referred to as “a
Certificate”) may be issued for the purposes of any deposit or investment that is required
to be made by any company for—
(a) a general banking licence under section 12(1)(b) of the Act;
(b) a restricted Class I or Class II banking licence under section 12(2)(b) of
the Act; or
(c) a general trust licence under section 12(3)(b) of the Act.
Interest on and term of maturity of, certificates
    8. 

  8. A Certificate shall bear interest at such rate per annum as may be determined
from time to time by the Commission and the term of maturity of a Certificate shall be
such period being not less than 6 months or more than 20 years as the Commission may
fix.
Negotiability of certificates
    9. 

  9. A Certificate is negotiable only with the Commission.
Re-financing of certificates
    10. 

  10. A Certificate may, with the agreement of the Commission and the holder of such
Certificate, be subject to re-financing on maturity.
    11. 

  11. (Omitted) _________
    12. 

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