Regulatory Alerts2023-01-25
Financial Services (Fees) (Amendment) Regulations, 2023
The Cabinet of the Virgin Islands, acting on the advice of the Financial Services Commission, issued these Regulations to amend the fee structure under the Financial Services Commission Act. The new Schedule revokes and substitutes the previous fee schedule, establishing specific application and approval charges for various financial services entities including banks, trust companies, insurers, and company managers. These fees, denominated in US dollars, cover licensing, renewals, exemptions, and administrative costs, with most provisions effective April 1, 2023, and specific items related to Virtual Assets Service Providers commencing upon the operation of the relevant Act.
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