Regulatory Alerts2023-03-21
Company Management (Amendment) Act, 2023
The Legislature of the Virgin Islands enacted this Act to amend the Company Management Act, Revised Edition 2020, by expanding the statutory definition of company management to include partnerships and nominee services. The legislation updates licensing criteria to require fit and proper assessments for applicants and their controlling interests, while introducing a new definition for controlling interest that captures significant influence over licensees. Additionally, the Act mandates prior written Commission approval for the appointment of directors or senior officers by licensees and extends regulatory oversight to limited partnerships.
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