Financial Services (Fees) (Amendment) Regulations, 2023

VIRGIN ISANDS FINANCIAL SERVICES (FEES) (AMENDMENT) REGULATIONS, 2023 ARRANGEMENT OF REGULATIONS Regulation 1… Citation and commencement 2… Schedule substituted

2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2023 NO. 5 FINANCIAL SERVICES COMMISSION ACT (REVISED EDITION 2020) Financial Services (Fees) (Amendment) Regulations, 2023 [Gazetted 25th January, 2023] The Cabinet, acting on the advice of the Financial Services Commission and in exercise of the powers conferred by section 62 of the Financial Services Commission Act, Revised Edition 2020, makes these Regulations. Citation and commencement

1. (1) These Regulations may be cited as the Financial Services (Fees) (Amendment) Regulations, 2023. (2) Subject to subregulation (3), these Regulations shall come into force on the 1 st day of April, 2023. (3) Item No. (xi) of the Schedule shall come into force on the date that the Virtual Assets Service Providers Act, No. 17 of 2022 comes into operation. Schedule substituted
2. The Schedule to the Financial Services (Fees) Regulations, Revised Edition 2020, is revoked and substituted with the following “SCHEDULE (Regulation 2) (a) Financial Services Commission Act and Subsidiary Legislation made thereunder Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Financial Services Commission Act, Revised Edition, 2020 18(2) (a) Any cost associated with performing administrative work by the Commission in relation to a licensee or other person, for which a fee is not specifically provided (b) Any cost (in addition to any application and approval fees, where provided) associated with (i) expediting the processing of an application or other matter from a licensee or other person with regard to any issue connected to a financial services business or related matter 100 to 3,000 3,000 to 15,000

3 (ii) the processing of any matter (including an application under a financial services legislation) that, in the Commission’s assessment, involves complex or extra￾ordinary business or requires expending more time and resources than is normally the case [The costs are to be assessed and applied by the Commission] 3,000 to 15,000 34(3) (a) Application for approval of Commission of the appointment by a licensee of a compliance officer (b) Approval of Commission for licensee’s appointment of a compliance officer 300 600 34A(2) (a) Application for approval of a body corporate to provide compliance function services for and on behalf of a licensee (b) Approval of Commission for a body corporate to provide compliance function services for and on behalf of a licensee (c) Annual renewal of approval for a body corporate to provide compliance function services for and on behalf of a licensee 600 2,400 2,400 40B(5) Application for the revocation or variation of a condition of a licence or approval 600 40C(1) Exemption from (a) requirement to obtain a licence under a regulatory legislation (except where statutorily exempted) (b) any other requirement under this Act or a financial services legislation 1,200 600 40C (2) Application (a) to disapply a provision of the Regulatory Code to a licensee (b) to modify the application of a provision of the Regulatory Code to a licensee 600 600 Approval (a) to disapply a provision of the Regulatory Code to a licensee (b) to modify the application of a provision of the Regulatory Code to a licensee 1,200 1,200 (ii) Financial Services (Miscellaneous Schedule 4, paragraph 1 (1) Application for exemption from the requirement to obtain a separate licence under the Securities and Investment Business Act 1,800

4 Exemptions) Regulations, Revised Edition 2020 Schedule 5, Paragraph 2 (a) Application for exemption from preparing and submitting audited financial statements for any given year (b) Approval of exemption from preparing and submitting audited financial statements for any given year 300 600 (iii) Regulatory Code, Revised Edition 2020 11(2A) Application by an applicant for investment business licence to be exempted from submitting a business plan 600 82(1) 82(2) Application to include other capital items in the calculation of tier 1 capital Approval to include other capital items in the calculation of tier 1 capital 600 1,800 89(1) 89(2) Application to include other capital items in the calculation of tier 2 capital Approval to include other capital items in the calculation of tier 2 capital 600 1,200 96(1) and (2) (a) Application to incur an aggregate or large exposure that exceeds capital base (b) Approval to incur an aggregate or large exposure that exceeds capital base 1,200 2,400 122(1)(b) – (e) Approval to carry out any of the activities outlined in paragraphs (b) to (e) 3,000 151(1) (a) Application to vary the requirements specified in section 150 600 (b) Approval of variation of the requirements specified in section 150 600 162(1) (a) Application to vary the requirements specified in sections 160 and 161 (b) Approval of variation of the requirements specified in sections 160 and 161 600 600 Schedule 5, Paragraph 3 Application for approval by the Commission of (a) an investment in, or an advance to, an affiliate of a BVI insurer (b) an investment in a non-traded mutual fund (c) an asset which the Commission may consider capable of inclusion as an allowable asset 200 Approval by the Commission of (a) an investment in, or an advance to, an affiliate of a BVI insurer 300

5 (b) an investment in a non-traded mutual fund (c) an asset which the Commission may consider capable of inclusion as an allowable asset 300 300 (iv) Financial 4(2)(h) Application for approval as a Sandbox participant 2,000 Services (Regulatory Sandbox) Regulations, S.I. No. 27 of 2020 5(1) Approval as a Sandbox participant (a) Standard business model (b) Moderately complex business model (c) Complex business model 2,000 5,000 10,000 8(1) Application for modification of business proposal 500 8(3) Approval for modification of business proposal 1,000 9(2) Application for extension of time to remain in the Regulatory Sandbox 2,000 9(4) Granting extension of time to remain in the Regulatory Sandbox 2,000 16(4) (a) Application for extension of time to exit the Regulatory Sandbox (b) Granting extension of time to exit the Regulatory Sandbox 2,000 2,000

6 (b) Regulatory Legislation Fees (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (i) Banks and Trust Companies Act, Revised Edition 2020 4(1) Application for (a) a general banking licence (b) a restricted Class I or Class II banking licence (c) a Class I or II trust licence (d) a Class III licence (e) a Class IV trust licence (f) a Class V licence (g) a restricted Class II trust licence (h) a restricted Class III licence 50,000 25,000 1,200 1,200 750 500 600 400 9(3) Application for change of (a) principal office (includes change of office of companies under management) (b) authorised agent 500 200 Approval for change of (a) principal office (includes changes of office of companies under management) (b) authorised agent 700 300 10(1)(a) Licence fee (a) Initial fee for a general banking licence Annual renewal of a general banking licence 250,000 250,000 10(1)(b) (b) Initial fee for a restricted banking Class I licence Annual renewal of a restricted Class I banking licence 150,000 150,000 10(1)(c) (c) Initial fee for a restricted banking Class II licence Annual renewal of a restricted Class II banking licence 150,000 150,000 10(1)(d) (d) Initial fee for a Class I trust licence Annual renewal of a Class I trust licence 19,200 19,200 10(1)(e) (e) Initial fee for a Class II trust licence Annual renewal of a Class II trust licence 16,800 16,800 10(1)(f) (f) Initial fee for a Class III trust licence 14,400

7 Annual renewal of a Class III trust licence 14,400 10(1)(g) (g) Initial fee for a Class IV trust licence Annual renewal fee of a Class IV trust licence 7,000 7,000 10(1)(h) (h) a Class V licence Annual renewal fee of a Class V licence 5,000 5,000 10(1A)(a) (i) Initial fee for a restricted Class II trust licence (i) up to 10 trusts (ii) 11 to 25 trusts (iii) 26 to 50 trusts Annual renewal of a restricted Class II trust licence with (i) up to 10 trusts (ii) 11 to 25 trusts (iii) 26 to 50 trusts 1,200 2,400 3,600 1,200 2,400 3,600 10(1A)(b) (j) Initial fee for a restricted Class III licence Annual renewal of a restricted Class III licence 600 600 10(5) Approval of any change in the trusts in connection with which the licensee may undertake trust business (includes application fee) 300 10A(1) Reclassification of a licence 600 11(1)(c) Approval to carry on business in the Virgin Islands other than the business for which a restricted Class I or restricted Class II banking licence has been issued 9,000 14(2) Approval of a person to, directly or indirectly, acquire a significant interest in a licensee 800 14(3) Approval for a licensee to (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest or controlling interest, or part thereof (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in 800

8 the licensee, increasing or decreasing the size of his or her interest 14(4) Application for approval of (a) a person to, directly or indirectly, acquire a significant interest in a licensee; (b) a licensee to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in the licensee (c) a licensee to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest o r controlling interest in the licensee, increasing or decreasing the size of his or her interest 500 14A Exemption of a licensee from the requirements of section 14 600 17E(1) Application for extension of time for submission of financial statements and reports 1,000 17G(6) Approval for the change of appointment of an auditor 300 18(1) Application to (a) change the name of a licensee (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office Approval to (a) change the name of a licensee (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 300 300 1,200 3,000 19(2) (a) Application for approval of a director or senior officer (b) Approval of director or senior officer 200 300 19(3) Exemption of a licensees from the requirements of section 19(2) 700

9 23A Approval to sell, transfer or otherwise dispose of any of the operations of a licensee 3,600 Miscellaneous (a) Application for a current registered agent to act as registered agent for micro business companies (b) Approval for a current registered agent to act as registered agent for micro business companies 250 750

10 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (ii) Company Management 4(1) Application for a licence to carry out company management services 600 Act, Revised Edition 2020 4A Initial licence to carry out company management services 600 Annual renewal (a) of a licence to carry out company management services (b) fee for a licensee which provides registered office services for less than 500 companies (c) fee for a licensee which provides registered office services for 500 or more companies 600 15 (per active company) 6,000 9A(3) Application for change of (a) principal office (includes change of office of companies under management) (b) authorised agent 200 200 Approval for change of (a) principal office (includes change of office of companies under management) (b) authorised agent 300 300 13(2) Approval of a person to, directly or indirectly, acquire a significant interest in a licensee 800 13(3) Approval for a licensee to (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in the licensee (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 800 13(4) Application for approval of (a) a person to, directly or indirectly, acquire a significant interest in a licensee 500

11 (b) a licensee cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in a licensee (c) a licensee to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 500 13A Exemption of a licensee from the requirements of section 13 600 16(1) Application to (a) change the name of a licensee (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 300 300 Approval to (a) change the name of a licensee (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 1,200 1,200 16A(2) (a) Application for approval of a director or senior officer (b) Approval of director or senior officer 200 300 16A(3) Exemption of a licensee from the requirements of section 16A(2) 600 17E(1) Application for extension of time for submission of financial statements and reports 600 17G(6) Approval for the change of appointment of an auditor 150 Miscellaneous (a) Application for a current registered agent to act as registered agent for micro business companies 250 (b) Approval for a current registered agent to act as registered agent for micro business companies 750

12 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (iii)(a) Insurance Act, 6(1) Application for exemption on grounds of lack of insurance availability 1,000 Revised Edition 2020 8(1) Application for a category A, B, C, D, E or F insurer’s licence 1,000 8(6) Issuing of a licence to carry on insurance business as (a) Category A or B licensee (b) Category C, D, E or F licensee (c) Category C (SPC) licensee 3,500 2,000 7,500 Annual renewal of a licence to carry on insurance business for (a) Category A or B licensee where total premium volume for preceding year is (i) $0 - $4,999,999 (ii) $5,000,000 - $9,999,999 (iii) $10,000,000 and above 3,500 7,500 10,000 (b) Category C, D, E or F licensee where total gross written premiums for the preceding year are (i) $500,000 or less (ii) $500,001 to $999,999 (iii) $1,000,000 to $2,400,000 (iv) $2,400,001 to $4,999,999 (v) $5,000,000 to $9,999,999 (vi) $10,000,000 and above 2,000 3,000 3,500 4,500 6,000 7,500 (c) Category C (SPC) licence 7,500 8A Application to vary a licence (a) by including an additional class of insurance business or removing a current class of insurance business (b) by converting one category of licence to another 1,000 1,000 Approval of (a) variation of licence (b) conversion of licence 1,500 2,000

13 11(2)(b) (a) Application for a licence to issue shares otherwise than fully paid or for a consideration other than cash (b) Approval for a licence to issue shares otherwise than fully paid or for a consideration other than cash 150 300 13(4) (a) Application for approval for a licensee to make a distribution at any time in the period of five years after being granted a licence (b) Approval for a licensee to make a distribution at any time in the period of five years after being granted a licence 200 300 14(1) Application for approval of a licence to (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares (b) enter into any guarantee or provide any security in connection with a loan by any other person to a connected person 200 200 Approval for a licence to (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares (b) enter into any guarantee or provide any security in connection with a loan by any other person to a connected person 300 300 15(2) (a) Application for approval to create, or permit to be created any mortgage, charge or lien over an asset maintained in the Virgin Islands (b) Approval to create, or permit to be created any mortgage, charge or lien over an asset maintained in the Virgin Islands 200 300 16(2)(b) (a) Application for the approval of a person to act as a reinsurer to the insurer (b) Approval to act as a reinsurer to a licensed insurer 200 300 17(1) (a) Application for approval for a licensee to invest or trade in a derivative (b) Approval for a licensee to invest or trade in a derivative 200 300 19(1) (a) Application for approval of a director or senior officer of a licensed insurer 200

14 (b) Approval of a director or senior officer of a licensed insurer 300 20(1) Approval to (a) open, maintain or carry out business through a branch or a representative or contact office outside the Virgin Islands (b) incorporate, form or acquire a subsidiary 1,200 1,200 21(2) Approval of a person to, directly or indirectly, acquire a significant interest or controlling interest in a licensed insurer 800 21(3) Approval of a licensed insurer to (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest or controlling interest, or part thereof (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in (i) a person acquiring a significant interest or controlling interest inthe insurer; or (ii) a person who already owns or holds a significant interest or controlling interest in the insurer, increasing or decreasing the size of his or her interest 800 21(4) Application for approval of (a) a person to, directly or indirectly, acquire a significant interest or controlling interest in a licensed insurer (b) a licensed insurer to cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof (c) a licensed insurer to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in (i) a person acquiring a significant interest in the insurer; or (ii) a person who already owns or holds a significant interest or controlling interest in the insurer, increasing or decreasing the size of his or her interest 500 22(2)(b) (a) Application by foreign insurer to disapply subsection (1) 200

15 (b) Approval fee by foreign insurer to disapply subsection (1) 300 23(2)(b) (a) Application for approval of the appointment of an insurance manager by a licensee (applicable on transfer) (b) Approval for the appointment of an insurance manager by a licensee (applicable on transfer) 200 300 27(2)(b) (a) Application for the approval of an actuary (b) Approval for the appointment of an actuary 200 300 33(1) (a) Application for approval for a licensee to transfer part of its business to another person or merge part of its business with the business of another person (b) Approval for a licensee to transfer part of its business to another person or merge part of its business with the business of another person 200 300 35(1) (a) Application for approval of a merger, consolidation, arrangement or scheme of arrangement by a licensee under Part IX of the BVI Business Companies Act, Revised Edition 2020 (b) Approval of a merger, consolidation, arrangement or scheme of arrangement by a licensee under Part IX of the BVI Business Companies Act, Revised Edition 2020 200 300 36A (a) Application to add a segregated portfolio or cell (b) Approval to add a segregated portfolio or cell 300 600 40(1) Application for (a) an insurance manager’s licence (b) an insurance intermediary’s licence (c) a loss adjuster’s licence 500 40(4) Issuing of a licence to act as (a) an insurance manager (b) an insurance intermediary (c) a loss adjuster 2,000 1,000 1,000 Annual renewal of a licence to act as (a) an insurance manager (b) an insurance intermediary 2,000 1,000

16 (c) a loss adjuster 1,000 44(1) (a) Application for approval of a director or senior officer of a licensed insurance manager or intermediary (b) Approval of a director or senior officer of a licensed insurance manager or intermediary 200 300 45(2) Approval of a person to directly or indirectly, acquire a significant interest or controlling interest in a licensed insurance manager or intermediary 800 45(3) Approval of a licensed insurance manager or intermediary to (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest or controlling interest, or part thereof (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 800 45(4) Application for approval of (a) a person to directly or indirectly, acquire a significant interest or controlling interest in a licensed insurance manager or intermediary (b) a licensed insurance manager or intermediary to cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest or controlling interest, or part thereof (c) a licensed insurance manager or intermediary to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 500

17 46(2) (a) Application for approval to add or remove a licensed insurer from the licence of an insurance agent (b) Approval to add or remove a licensed insurer from the licence of an insurance agent 150 300 47(1) (a) Application for approval of a designated representative of an insurance manager (other than the initial designated representative) (b) Approval of a designated representative of an insurance manager (other than the initial designated representative) 200 300 48(1) Application for approval of a licensed insurance manager, employee or associate to (a) be a shareholder in, or have any direct or indirect interest in, or (b) be a director or employee of, an insurer for which it acts, or for which the insurance manager of which the persons is an employee or associate, acts 200 200 Approval of a licensed insurance manager, employee or associate to (a) be a shareholder in, or have any direct or indirect interest in, or (b) be a director or employee of, an insurer for which it acts, or for which the insurance manager of which the person is an employee or associate, acts 300 300 54(4) (a) Application for approval to vary the financial year of a licensee (b) Approval to vary the financial year of a licensee 150 300 59(1) (a) Application for approval of an extension of time to comply with section 57 or 58 of the Act (b) Approval of an extension of time to comply with section 57 or 58 of the Act 200 600 61(2)(c) (a) Application for approval of an auditor (b) Approval for the appointment of an auditor 200 300 72(1) (a) Application for approval of a licensee to change its name or the name under which it carries on business 300

18 (b) Approval of a licensee to change its name or the name under which it carries on business 1,200 79(1) Application for the Commission to furnish a person with a certified copy of (a) a licence (b) part or whole of a register (c) an extract from a public document (d) any other public document 150 3.00 per page 3.00 per page 3.00 per page (iii)(b) Insurance Regulations, Revised Edition 2020 14(3) (a) Application for approval by the Commission of a stand-by letter of credit not specified in regulation 14(3) (b) Approval by the Commission of a stand-by letter of credit not specified in regulation 14(3) 200 300

19 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (iv) Financing and Money Services Act, Revised Edition 2020 8(1) Licence fee for a Class of a Financing and Money Services licence: Class A (a) Initial licence fee (b) Annual renewal of licence (c) Annual fee for each subsidiary, branch or representative office 12,000 12,000 1,200 Class B (a) Initial licence fee (b) Annual renewal of licence 2,400 2,400 Class C (a) Initial licence fee (b) Annual renewal of licence 2,400 2,400 Class D (a) Initial licence fee (b) Annual renewal of licence 2,400 2,400 Class E (a) Initial licence fee (b) Annual renewal of licence 6,000 6,000 Class F (a) Initial licence fee (b) Annual renewal of licence 12,000 12,000 9(1) Application fee for a Class of a Financing and Money Services licence: (a) Class A (b) Class B (c) Class C (d) Class D (e) Class E (f) Class F 600 300 400 600 13(1) (a) Application for approval of director or senior officer (b) Approval of a director or senior officer 200 300

20 14(2) Approval of a person to, directly or indirectly, acquire a significant interest or controlling interest in a licensee 800 14(3) Approval for a licensee to (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest or controlling interest in the licensee (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 800 14(4) Application for approval of (a) a person to, directly or indirectly, acquire a significant interest or controlling interest in a licensee (b) a licensee to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest or controlling interest in the licensee (c) a licensee to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the licensee; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 500 15(2) (a) Application to change the location of a licensee’s principal office (b) Approval to change the location of a licensee’s principal office 200 400 16(1) (a) Application to open, maintain or carry on business through a branch, representative or contact office (b) Approval to open, maintain or carry on business through a branch, representative or contact office 200 1,200

21 25(1) Application for extension of time to submit annual financial statements under section 23, or unaudited financial statements, returns or other prescribed information and documentation under section 24 1,000 27(2) (a) Application for approval as an auditor (b) Approval for the appointment of an auditor 200 300 37(1) Application to (a) change the corporate name or name under which a BVI licensee carries on business (b) change the name under which a licensed foreign company carries on business in the Virgin Islands 300 300 Approval to (a) change the corporate name or name under which a BVI licensee carries on business (b) change the name under which a licensed foreign company carries on business in the Virgin Islands 1,200 1,200 43(1) Application for the Commission to furnish a person with a certified copy of (a) a licence (b) part or whole of a register (c) an extract from a public document (d) any other public document 150 3.00 (per page) 3.00 (per page) 3.00 (per page)

22 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (v) Securities and Investment Business Act, Revised Edition 2020 5 Licence fee for an Investment Business licence: Category 1 – Dealing in Investments Sub-category A: Dealing as Agent (a) Initial licence fee (b) Annual renewal of licence fee Sub-category B: Dealing as Principal (a) Initial licence fee (b) Annual renewal of licence fee 3,300 Category 2 Arranging Deals in Investments (a) Initial licence fee (b) Annual renewal of licence fee 3,300 3,300 Category 3 – Investment Management Sub-category A: Managing Segregated Portfolios (excluding mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee 1,800 1,800 Sub-category B: Managing Mutual Funds (a) Initial licence fee (b) Annual renewal of licence fee 1,800 1,800 Sub-category C: Managing Pension Schemes (a) Initial licence fee (b) Annual renewal of licence fee 1,800 1,800 Sub-category D: Managing Insurance Products (a) Initial licence fee (b) Annual renewal of licence fee 1,800 1,800 Sub-category E: Managing Other Types of Investment (a) Initial licence fee (b) Annual renewal of licence fee 1,800 1,800 Category 4 – Investment Advice Sub-category A: Investment Advice (excluding mutual funds)

23 (a) Initial licence fee (b) Annual renewal of licence fee Sub-category B: Investment Advice (mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee 1,800 Category 5 – Custody of Investments Subcategory A: Custody of Investments (excluding mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee Sub-category B: Custody of Investments (mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee 4,500 Category 6 – Administration of Investments Sub-category A: Administration of Investments (excluding mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee Sub-category B: Administration of Investments (mutual funds) (a) Initial licence fee (b) Annual renewal of licence fee 1,800 Category 7 – Operating an Investment Exchange (a) Initial licence fee (b) Annual renewal of licence fee 10,000 10,000 6(1) Application for an Investment Business licence Category 1 – Dealing in Investments Sub-category A: Dealing as Agent Sub-category B: Dealing as Principal Category 2 – Arranging Deals in Investments 2,200 Category 3 – Investment Management Sub-category A: Managing Segregated Portfolios (excluding mutual funds) Sub-category B: Managing Mutual Funds 1,200 1,200

24 Sub-category C: Managing Pension Schemes Sub-category D: Managing Insurance Products Sub-category E: Managing Other Types of Investments 1,200 Category 4 – Investment Advice Sub-category A: Investment Advice (excluding mutual funds) Sub-category B: Investment Advice (mutual funds) 1,200 1,200 Category 5 – Custody of Investments Subcategory A: Custody of Investments (excluding mutual funds) Sub-category B: Custody of Investments (mutual funds 2,200 2,200 Category 6 – Administration of Investments Sub-category A: Administration of Investments (excluding mutual funds) Sub-category B: Administration of Investments (mutual funds) 1,200 1,200 Category 7 – Operation of an Investment Exchange 3,000 10(1) Application for approval of a director or senior officer 200 10(2) Approval of a director or senior officer 300 11(2) Approval of a person, to directly or indirectly, acquire a significant interest in a licensee 800 11(3) Approval of a licensee (a) to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest in a licensee (b) to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest in the licensee; or (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 800 11(4) Application for approval of

25 (a) a person to, directly or indirectly, acquire a significant interest in a licensee (b) a licensee to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest in the licensee (c) a licensee to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest in the licensee; or (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 500 12 Approval (a) to open, maintain or carry on business through a branch or representative or contact office outside the Virgin Islands (b) to incorporate, form or acquire a subsidiary 1,200 1,200 14(2) (a) Application to change the corporate name or name under which a licensee carries on business (b) Approval to change the corporate name or name under which a licensee carries on business 300 1,200 28(1) Application for the registration of a prospectus (public issue) 300 28(2) Registration of (a) a prospectus (public issue) (b) a supplementary prospectus (public issue) 600 300 29(1) Application for the registration of a supplementary prospectus 300 45(1) Application for the registration of a public fund 1,200 45(2) (a) Registration of a public fund (b) Annual renewal fee for the registration of a public fund 1,800 1,800 49(1) Application for the registration of a prospectus (public fund) 300 49(3) Registration of (a) a prospectus (public fund) 600

26 (b) an amended prospectus (public fund) 300 51(1) Application for the registration of an amended prospectus (public fund) 300 54(1) Application, in respect of a public fund, for approval as (a) director, or (b) functionary 200 200 54(2) Application, in respect of a public fund, for approval as (a) director, or (b) functionary 300 300 55(1) Application for the recognition of a mutual fund as a private or professional fund 850 55(2) (a) Recognition of a mutual fund as a private or professional fund (b) Annual renewal fee for recognition of a mutual fund as a private or professional fund 1,200 1,200 57(1) Application for recognition of a foreign fund 1,000 57(2) (a) Recognition of a foreign fund (b) Annual renewal fee for recognition of a foreign fund 2,000 2,000 63F(1) Application for recognition of a private investment fund 850 63F(2) (a) Recognition of a private investment fund (b) Annual renewal for recognition as a private investment fund 1,200 1,200 64(1) Application for certification to act as an authorised representative 1,200 64(2) Approval of certification to act as an authorised representative (a) Initial approval (b) Annual renewal fee 1,800 1,800 68(4) (a) Application to extend financial year end (b) Approval of extension of financial year end 300 600

27 73(1) Application for extension of time for submission of financial statements and reports 900 75 (a) Application for approval of an auditor (b) Approval of appointment of an auditor 200 300 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (vi) Investment Business 6(1) Application for approval as an investment manager 1,200 (Approved Managers) 6(2) Annual renewal of approval to act as an investment manager 1,800 Regulations, Revised Edition 2020 7(1) Approval to act as an investment manager 1,800 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (vii) Securities and 5(5) Certificate evidencing status of an incubator fund or approved fund 200 Investment Business (Incubator and 7(1) Application for approval of (a) an incubator fund (b) an approved fund 1,800 1,800 Approved Funds) Regulations, Revised Edition 2020 7(2) Annual renewal of approval of (a) an incubator fund (b) an approved fund 1,200 1,200 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (viii) Mutual Funds Regulations, 7(2) Application by a private or professional fund to be exempted from appointing a custodian or fund manager 600 Revised Edition 2020 10(2) Application by a private or professional fund to be exempted from appointing an auditor 600

28 10(4) Approval of extension for the provision of copy of audited financial statements by a private or professional fund 600 16(2) Application by a public fund to be exempted from appointing a custodian 600 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (ix) Private Investment Funds Regulations, Revised Edition 2020 10(3) Approval of extension for the provision of copy of audited financial statements by a private investment fund 600 (x) Mutual Funds (Foreign Funds) Regulations, Revised Edition 2020 5(3) Prior notification of issuance of a prospectus or amended prospectus 300

29 (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (xi) Virtual Assets Service Providers Act, No. 17 of 2022 6(1) (a) Application for registration as a VASP (b) Application for registration as a VASP providing virtual assets custody service pursuant to section 27 (c) Application for registration as a VASP operating a virtual assets exchange pursuant to section 30 5,000 10,000 10,000 7(1) Approval of registration of a VASP (a) Initial registration fee (b) Annual renewal of registration fee Approval of registration of a VASP providing virtual assets custody service pursuant to section 28 (a) Initial registration fee (b) Annual renewal of registration fee Approval of registration of a VASP operating a virtual assets exchange pursuant to section 31 (a) Initial registration fee (b) Annual renewal of registration fee 7,500 7,500 15,000 15,000 25,000 25,000 9 (1), (2) (a) Application for change of name (b) Approval of change of name 300 1,200 11(3), (4) (a) Application for approval of a director or senior officer (b) Approval of a director or senior officer 200 300 12(2), (3) (a) Application for approval as an authorised representative 1,500 (b) Approval of an authorised representative (i) Initial approval fee (ii) Annual renewal fee 2,000 2,000 14(3), (4) (a) Application for approval of an auditor 1,000 (b) Approval of appointment of an auditor 1,500 15(3) If the Commission appoints an auditor for a VASP (the VASP is liable to pay for the appointment) 2,500

30 18(2) Application for extension of time for submission of financial statements and reports 1,000 21(2) Approval of a person to, directly or indirectly, acquire a significant interest or controlling interest in a VASP 1,000 21(3) Approval of a VASP (a) to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest or controlling interest in the VASP (b) to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the VASP (ii) a person who already owns or holds a significant interest or controlling interest in the VASP, increasing or decreasing the size of his or her interest 1,000 21(5) Application for approval of (a) a person to directly or indirectly, acquire a significant interest or controlling interest in a VASP (b) a VASP to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest or controlling interest in the VASP (c) a VASP to issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in (i) a person acquiring a significant interest or controlling interest in the VASP; or (ii) a person who already owns or holds a significant interest or controlling interest in the licensee, increasing or decreasing the size of his or her interest 500 34(1), (3) Application or notification to participate in the Regulatory Sandbox to provide innovative FinTech in relation to virtual assets 1,000

31 35(1) Approval of application under section 34(1) or notification under section 34(3) and issuance of certificate of approval 1,500”. Made by Cabinet this 25th day of January, 2023. (Sgd.) Sandra Ward, Cabinet Secretary