Regulatory Alerts2024-09-26
Banks and Trust Companies (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Banks and Trust Companies Act, Revised Edition 2020. The legislation expands the statutory definition of trust business to include equivalent functions for other legal arrangements. It further mandates that banking licence applicants provide the Commission with a copy of their deposit insurance policy within six months of licence issuance.
No. 17 of 2024 VIRGIN ISLANDS BANKS AND TRUST COMPANIES (AMENDMENT) ACT, 2024 ARRANGEMENT OF SECTIONS SECTION
- Short title and commencement
- Section 2 amended
- Section 4 amended
2 No. 17 of 2024 Banks and Trust Companies Virgin (Amendment) Act, 2024 Islands I ASSENT Daniel Pruce Governor. 23rd September, 2024 VIRGIN ISLANDS No. 17 of 2024 AN ACT TO AMEND THE BANKS AND TRUST COMPANIES ACT, REVISED EDITION 2020, TO EXPAND THE DEFINITION OF “TRUST BUSINESS”, ENSURE THAT AN APPLICANT FOR A BANKING LICENCE PROVIDES THE COMMISSION WITH A COPY OF ITS POLICY OF DEPOSIT INSURANCE AND FOR OTHER MATTERS CONNECTED THEREWITH. [Gazetted 26th September, 2024 ] ENACTED by the Legislature of the Virgin Islands as follows: Short title and commencement
- (1) This Act may be cited as the Banks and Trust Companies (Amendment) Act, 2024. (2) This Act shall come into force on such date as the Minister may, by Notice published in the Gazette, appoint. Section 2 amended
- The Banks and Trust Companies Act, Revised Edition 2020 (hereinafter referred to as the “principal Act”) is amended in section 2(1) in the definition of “trust business” by adding at the end of paragraph (a) before the semi-colon, the words “or performing the equivalent function for another form of legal arrangement”. Section 4 amended
- The principal Act is amended in section 4 (a) by renumbering the second referenced subsection (3) as subsection (4); and
3 (b) in subsection (4) as renumbered, by inserting after paragraph (b), the following new paragraph: “(ba) the applicant, if applying for a banking licence, has made a written undertaking to provide the Commission with a copy of its policy of deposit insurance issued in accordance with the provisions of the Virgin Islands Deposit Insurance Act, No. 7 of 2016, within 6 months of the issue of the banking licence;”. Passed by the House of Assembly this 4 th day of September, 2024. (Sgd.) Corine N. George-Massicote, Speaker. (Sgd.) Bethsaida Smith-Hanley, Clerk of the House of Assembly.