Regulatory Alerts2020-04-02
Financial Services (Exceptional Circumstances) Act, 2020
The Legislature of the Virgin Islands enacted this Act to empower the Minister and the Financial Services Commission to implement special measures ensuring the continuity of financial services business during declared exceptional circumstances. The legislation grants the Commission authority to waive administrative requirements, permit licensees to temporarily relocate operations to other jurisdictions, and disapply certain regulatory provisions to minimize disruption. Additionally, the Act establishes a Financial Services Complaints Tribunal to handle consumer grievances and modifies licensing rules for loss adjusters to maintain market stability.
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