Regulatory Alerts2024-11-07
Financial Services Commission (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Financial Services Commission Act, introducing a framework for consumer duties and requiring the Commission to adopt a risk-based supervisory approach. The legislation expands the Commission's powers to cooperate with foreign non-regulatory authorities, mandates licensee cooperation, and establishes strict conflict-of-interest disclosure requirements for employees. Additionally, the Act significantly increases prescribed penalties for various offenses, reduces the mandatory frequency of Board meetings, and allows for decision-making during exceptional circumstances.
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