Regulatory Alerts2020-06-11
Financial Services (Regulatory Sandbox) Regulations, 2020
The Cabinet of the Virgin Islands issued these Regulations under the Financial Services Commission Act, 2001, to establish a Regulatory Sandbox for testing innovative FinTech products. The Financial Services Commission is empowered to approve applicants who meet fitness and propriety standards, allowing them to test services with limited client exposure while being exempt from certain licensing requirements. Participants must adhere to strict ongoing obligations, including risk management, detailed reporting, and client disclosure, with the Commission retaining the authority to revoke approval for non-compliance or public interest concerns.
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