Regulatory Alerts2023-03-16
Virgin Islands Regulatory (Amendment) Code, 2023
The Financial Services Commission of the Virgin Islands issued the Regulatory (Amendment) Code, 2023 to update the principal Regulatory Code. The amendments introduce new definitions for 'controller' and 'controlling interest' while refining the definition of 'significant interest' to enhance fit and proper criteria assessments. Additionally, the Code incorporates Virtual Assets Service Providers, updates licensing classifications, and clarifies the applicability of regulations to various financial entities and practitioners.
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