Financing and Money Services (Amendment) Act, 2023

1 No. 6 of 2023 VIRGIN ISLANDS FINANCING AND MONEY SERVICES (AMENDMENT) ACT, 2023 ARRANGEMENT OF SECTIONS SECTION

1. Short title and commencement
2. Section 2 amended
3. Section 9 amended
4. Section 14 amended

2 No. 6 of 2023 Financing and Money Services Virgin (Amendment) Act, 2023 Islands I ASSENT (Sgd.) John Rankin CMG, Governor. 20th March, 2023 VIRGIN ISLANDS No. 6 of 2023 AN ACT TO AMEND THE FINANCING AND MONEY SERVICES ACT, REVISED EDITION 2020, AND FOR OTHER MATTERS CONNECTED THEREWITH. [Gazetted 21st March, 2023] ENACTED by the Legislature of the Virgin Islands as follows: Short title

1. (1) This Act may be cited as the Financing and Money Services (Amendment) Act, 2023. (2) This Act shall come into force on such date as the Minister may, by Notice published in the Gazette, appoint. Section 2 amended
2. Section 2(1) of the Financing and Money Services Act, Revised Edition 2020 (hereinafter referred to as the “principal Act”), is amended (a) by deleting the definition of “controlling interest” and substituting the following definition: “ “controlling interest”, in relation to a licensee, means the ownership or interest in the licensee or in any holding company of the licensee which entitles a person to exert influence over a licensee, or any holding company of the licensee, and includes a person who (a) has more than 50% of the voting rights of the licensee; (b) has a significant interest in the licensee which, although not constituting 50% of the voting rights of the licensee (in aggregate or otherwise), gives the person a considerable advantage in the voting rights of the licensee; (c) has an influence over the activities of the licensee without having a significant interest; or

3 (d) gives instructions to a director or senior officer of the licensee to which that director or senior is accustomed to acting”; and (b) by deleting the definition of “significant interest” and substituting the following definition “ “significant interest”, in relation to a licensee, means a holding or interest in the licensee, or in any holding company of the licensee held or owned by a person, either alone or with any other person and whether legally or equitably, that entitles or enables the person, directly or indirectly (a) to control 10% or more of the voting rights of the licensee; (b) to a share of 10% or more in any distribution made by the licensee; (c) to a share of 10% or more in any distribution of the surplus assets of the licensee; or (d) to appoint or remove one or more directors of the licensee.”. Section 9 amended 3. Section 9(2)(d) of the principal Act is amended , by inserting after the words “a significant interest”, the words “or controlling interest”. Section 14 amended 4. Section 14(3)(b)(i) of the principal Act is amended , by inserting after the words “significant interest”, the words “or controlling interest”. Passed by the House of Assembly this 9 th day of March, 2023. (Sgd.) Corine N. George-Massicote, Speaker. (Sgd.) Phyllis Evans, Clerk of the House of Assembly.