Regulatory AlertsFinancial Services (Administrative Penalties) Regulations (Revised 2020)
The Financial Services Commission of the Virgin Islands issues these regulations to establish the framework for imposing administrative penalties on licensees for contraventions of financial services legislation. The Commission must follow a prescribed procedure involving notice and representation before determining penalty amounts based on factors such as the seriousness of the breach and the licensee's history, with specific penalty ranges defined in Schedule 1. Additionally, the regulations mandate late payment penalties for overdue fees or fines under Schedule 2, allow for appeals to the Appeals Board, and set limitation periods for enforcement actions.
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