Regulatory Alerts2024-12-24
Financial Services (Limited Partnership Fees) (Amendment) (No. 2) Regulations, 2024
The Cabinet of the Virgin Islands, acting on the advice of the Financial Services Commission, issued these Regulations to amend the fee schedule under the Financial Services Commission Act. The amendments modify Schedule 1 of the Financial Services (Limited Partnership Fees) Regulations by deleting outdated references and inserting a new fee of fifty dollars for filing changes in beneficial ownership information. Additionally, the regulations introduce a zero-dollar fee for existing limited partnerships registering information required under sections 53A and 53B, with the provisions coming into force on January 2, 2025.
VIRGIN ISLANDS FINANCIAL SERVICES (LIMITED PARTNERSHIP FEES) (AMENDMENT) (NO. 2) REGULATIONS, 2024 ARRANGEMENT OF REGULATIONS REGULATION
- Citation and commencement
- Schedule 1 amended
2 VIRGIN ISLANDS STATUTORY INSTRUMENT 2024 NO. 71 FINANCIAL SERVICES COMMISSION ACT (REVISED EDITION 2020) Financial Services (Limited Partnership Fees) (Amendment) (No. 2) Regulations, 2024 [Gazetted 24th December, 2024] The Cabinet, acting on the advice of the Financial Services Commission and in exercise of the powers conferred by section 62 of the Financial Services Commission Act, Revised Edition 2020, makes these Regulations: Citation and commencement
- (1) These Regulations may be cited as the Financial Services (Limited Partnership Fees) (Amendment) (No. 2) Regulations, 2024. (2) These Regulations shall come into force on the 2 nd day of January,
Schedule 1 amended 2. The Financial Services (Limited Partnership Fees) Regulations, Revised Edition 2020, are amended in Schedule 1 in Part I by (a) deleting the reference to section 53B(8) in column 1 and the related references in the second, third and fourth columns and substituting the following: “53B(8) Filing a change in beneficial ownership information 50”; (b) by inserting in the appropriate numerical order, the following: “Part III of the Schedule to the Act, paragraph 18(1) For filing by an existing limited partnership for registration by the Registrar information required under sections 53A and 53B within the period specified in paragraph 18(1) 0”. Made by the Cabinet this 24th day of December, 2024. (Sgd.) Sandra Ward, Cabinet Secretary.