Regulatory Alerts2020-06-17
Financial Services (Fees) (Amendment) Regulations, 2020
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, 2001. The amendments increase the annual renewal fee for private investment fund recognition from 500 to 1,000 US dollars and introduce new fees for applications and approvals related to the Regulatory Sandbox. These changes were gazetted on June 10, 2020, with specific provisions commencing on July 1, 2020, or upon the enforcement of the Financial Services (Regulatory Sandbox) Regulations, 2020.
APPENDIX II VIRGIN ISANDS FINANCIAL SERVICES (FEES) (AMENDMENT) REGULATIONS, 2020 ARRANGEMENT OF REGULATIONS Regulation 1… Citation and commencement. 2… Schedule amended.
2 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$)
3 (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