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2020-04-02

Public Funds (Amendment) Code, 2020

The Financial Services Commission of the Virgin Islands amended Section 15 of the Public Funds Code by inserting a new paragraph requiring fund property to be valued at least annually. This statutory instrument adjusts existing punctuation and structural references while formally establishing the annual valuation mandate for regulated entities. Deemed effective upon the commencement of the 2019 Amendment Act, the updated Code directly governs ongoing valuation compliance standards.

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British Virgin Islands

British Virgin Islands Financial Services Commission

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VIRGIN ISLANDS PUBLIC FUNDS (AMENDMENT) CODE, 2020 ARRANGEMENT OF SECTIONS Section

  1. Citation and commencement.
  2. Section 15 amended.

VIRGIN ISLANDS STATUTORY INSTRUMENT 2020 NO. 26 SECURITIES AND INVESTMENT BUSINESS ACT, 2010 (No. 2 of 2010) Public Funds (Amendment) Code, 2020 [Gazetted 2 nd April, 2020] The Financial Services Commission, in exercise of the powers conferred by section 63 of the Securities and Investment Business Act, 2010 (No. 2 of 2010) and with the approval of its Board, issues this Public Funds Code Amendment.

  1. (1) This Code may be cited as the Public Funds (Amendment) Code, 2020. (2) This Code shall be deemed to have come into force on the date that the Securities and Investment Business (Amendment) Act, 2019 was brought into force.
  2. Section 15 of the Public Funds Code is amended in subsection (2)⸻ (a) by removing the word “and” at the end of paragraph (b); (b) by deleting the full-stop at the end of paragraph (c) and substituting the word, “; and”; and (c) by inserting immediately after paragraph (c), the following new paragraph⸻ “(d) contain a requirement that fund property is valued at least on an annual basis.”. Issued by the Financial Services Commission on this 1 st day of April, 2020. (Sgd.) Kenneth Baker, Ag. Managing Director Citation and commencement. No. 12 of 2019 Section 15 amended.
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