Regulatory Alerts2022-12-29
Banks and Trust Companies (Amendment) Act, 2022
Issued by the Legislature of the Virgin Islands, this amendment to the Banks and Trust Companies Act, Revised Edition 2020, mandates deposit insurance compliance and establishes a formal resolution framework for failing financial institutions. The law introduces precise definitions for bridge banks, systemically important banks, and controlling interests while requiring licensees to submit insurance policies within six months. It empowers the Financial Services Commission to place distressed banks into receivership or bridge bank status, enforces stricter audit reporting and compliance rules for systemically important entities, and updates statutory references to align with current insolvency and appeal legislation.
Share