Financial Services (Fees) (Amendment) Regulations, 2020

APPENDIX II
VIRGIN ISANDS
FINANCIAL SERVICES (FEES) (AMENDMENT) REGULATIONS, 2020 ARRANGEMENT OF REGULATIONS Regulation 1… Citation and commencement. 2… Schedule amended.

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VIRGIN ISLANDS
STATUTORY INSTRUMENT 2020 NO. 68
FINANCIAL SERVICES COMMISSION ACT, 2001 (No. 12 of 2001) Financial Services (Fees) (Amendment) Regulations, 2020 [Gazetted 10 th June, 2020] 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, 2001 (No. 12 of 2001), makes these Regulations. Citation and 1. (1) These Regulations may be cited as the Financial Services (Fees) commencement. (Amendment) Regulations, 2020. (2) Regulation 2 (a) shall come into force on the 1 st day of July, 2020. (3) Regulation 2 (b) shall come into force on the date that the Financial Services (Regulatory Sandbox) Regulations, 2020 are brought into force.
Schedule 2. The Schedule to the Financial Services (Fees) Regulations, 2010 is amended
amended. in paragraph (b) (Regulatory Legislation Fees)— (a) in item (v) (Securities and Investment Business Act), with respect to
section 63F (2), by deleting the prescribed fee of “500” in the fifth
column, in relation to annual renewal for private investment fund recognition in the fourth column, and substituting the fee “1,000”; and (b) by adding immediately after item (ix), the following new item— “Item No. Enactment Provision of Enactment Nature of Fee Fee (US$)

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(x) Financial
Services
(Regulatory
Sandbox)
Regulations,
2020
4 (2) (h)
5 (1)
8 (1)
8 (3)
9 (2)
9 (4)
16 (4)
Application for approval as a
Sandbox participant
Approval as a Sandbox participant - Standard business model Moderately complex business model Complex business model Application for modification of business proposal Approval for modification of business proposal Application for extension of time to remain in the Regulatory Sandbox Granting extension of time to remain in the Regulatory Sandbox (a) Application for extension of time to exit the Regulatory Sandbox (b) Granting extension of time to exit the Regulatory Sandbox 2,000 2,000 5,000 10,000 500 1,000 2,000”. Made by Cabinet this 10 th day of June, 2020. (Sgd.) Sandra Ward, Cabinet Secretary