Regulatory Alerts2021-05-13
Financial Services Commission (Amendment) Act, 2021
The Legislature of the Virgin Islands enacted this Act to amend the Financial Services Commission Act, 2001 by modifying Section 54A and inserting a new Section 54B. The amendments expand liability definitions for licensees and agents while establishing a formal waiver process for monetary penalties imposed for late document filings. This new framework allows the Commission to waive penalties under specific conditions involving agent default or acts of God, while retaining authority to sanction agents or licensees responsible for such failures.
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