Regulatory AlertsFinancial Services (Miscellaneous Exemptions) (No. 2) Regulations
The Virgin Islands regulatory authority issued these regulations to grant specific exemptions under the Banks and Trust Companies Act and the Company Management Act. The rules relieve applicants for restricted Class II and III trust licenses from providing detailed officer, auditor, and financial particulars, and exempt such companies from mandatory auditor appointments. Additionally, entities providing only director, officer, and nominee shareholder services are exempt from licensing requirements, subject to specific subsidiary and reclassification conditions.
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