Financial Services (Fees) Regulations (Revised 2020)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 27 Revision Date: 1 Jan 2020 [Statutory Instrument] FINANCIAL SERVICES (FEES) REGULATIONS – SECTION 62 (S.I.s 60/2010, 88/2010, 90/2014, 34/2015, 50/2016, 12/2017, 16/2018, 17/2018, 45/2018 and 85/2019) Commencement [1 January 2011] Citation

1. These Regulations may be cited as the Financial Services (Fees) Regulations. (Substituted by S.I. 34/2015) Fees Schedule
2. The fees specified in the Schedule shall be paid to the Commission and shall not be refundable. Annual fees 2A. The fees payable on an annual basis shall become due and payable, in respect of— (a) the Banks and Trust Companies Act, 1990, Company Management Act, 1990 and Financing and Money Services Act, 2009, no later than 31st January of each year; (b) the Insurance Act, 2008, no later than 28th February of each year; and (c) the Securities and Investment Business Act, 2010, no later than 31st March of each year. (Substituted by S.I. 12/2017)
3. (Omitted).

28 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS SCHEDULE (Regulation 2) (a) Financial Services Commission Act Enactment Section of Enactment Nature of Fee Fee (US$) Financial Services Commission Act 34(3) (a) Application for approval of Commission of the appointment by a licensee of a compliance officer 250 (b) Approval of Commission for licensee’s appointment of a compliance officer 500 (Substituted by S.I. 12/2017) 34A(2) (a) Application for approval of a body corporate to provide compliance function services for and on behalf of a licensee 500 (b) Approval of Commission for a body corporate to provide compliance function services for and on behalf of a licensee 2,000 Annual renewal of approval for a body corporate to provide compliance function services for and on behalf of a licensee 2,000 (Inserted by S.I. 17/2018) 40B(5) Application for the revocation or variation of a condition of a licence or approval (Inserted by S.I. 12/2017) 500 40C(1) Exemption from— (a) requirement to obtain a licence under a regulatory legislation (except where statutorily exempted) 1,000 (b) any other requirement under this Act or a financial services legislation 500 40C(2) Application— (a) to disapply a provision of the Regulatory Code to a licensee 500 (b) to modify the application of a provision of the Regulatory Code to a licensee 500 (Substituted by S.I. 12/2017) Approval— (a) to disapply a provision of the Regulatory Code to a licensee 1,000 (b) to modify the application of a provision of the Regulatory Code to a licensee 1,000 (Inserted by S.I. 17/2018)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 29 Revision Date: 1 Jan 2020 [Statutory Instrument] Enactment Section of Enactment Nature of Fee Fee (US$) 50A(1) and (2) Application for approval of an authorized custodian by— (a) a licensee 250 (b) a body corporate incorporated or formed outside the Virgin Islands 250 Issuing of a licence for approved authorized custodian 750 Annual licence fee for approved authorised custodian (Inserted by S.I. 88/2010) 750

30 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS (b) Regulatory Legislation Fees (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (i) Banks and Trust Companies Act 4(1) Application for— (a) a general banking licence 50,000 (b) a restricted Class I or Class II banking licence 25,000 (c) a Class I or II trust licence 1,000 (d) a Class III licence 1,000 (e) a Class IV trust licence 750 (f) a Class V licence 500 (g) a restricted Class II trust licence 500 (h) a restricted Class III licence 300 (Substituted by S.I. 17/2018) 9(3) Application for change of— (a) principal office (includes change of office of companies under management) 1,000 (b) authorized agent 150 10(1)(a) Licence to conduct— (a) general banking— (i) for licences granted before July 1 250,000 (ii) for licences granted after June 30 125,000 (Substituted by S.I. 12/2017) Annual renewal of a general banking licence for the year 2018 125,000 Annual renewal of a general banking licence after the year 2018 250,000 (Inserted by S.I. 17/2018)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 31 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 10(1)(b) (b) restricted banking Class I— (i) for licences granted before July 1 150,000 (ii) for licences granted after June 30 75,000 (Substituted by S.I. 12/2017) Annual renewal of a restricted Class I banking licence for the year 2018 75,000 Annual renewal of a restricted Class I banking licence after the year 2018 150,000 (Inserted by S.I. 17/2018) 10(1)(c) (c) restricted banking Class II— (i) for licences granted before July 1 150,000 (ii) for licences granted after June 30 75,000 (Substituted by S.I. 12/2017) Annual renewal of a restricted Class II banking licence for the year 2018 75,000 Annual renewal of a restricted Class II banking licence after the year 2018 150,000 (Inserted by S.I. 17/2018) 10(1)(d) Licence for— (a) a Class I trust— (i) for licences granted before July 1 16,000 (ii) for licences granted after June 30 8,000 Annual renewal of a Class 1 trust licence (Inserted by S.I. 88/2010) 16,000 10(1)(e) (b) a Class II trust— (i) for licences granted before July 1 14,000 (ii) for licences granted after June 30 7,000 Annual renewal of a Class II trust licence (Inserted by S.I. 88/2010) 14,000

32 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 10(1)(f) (c) a Class III trust— (i) for licences granted before July 1 12,000 (ii) for licences granted after June 30 6,000 Annual renewal of a Class III trust licence (Inserted by S.I. 88/2010) 12,000 10(1)(g) (d) a Class IV trust licence— (i) for licences granted before July 1 7,000 (ii) for licences granted after June 30 3,500 Annual renewal fee of a Class IV trust licence 7,000 10(1)(h) (e) a Class V licence— (i) for licences granted before July 1 5,000 (ii) for licences granted after June 30 2,500 Annual renewal fee of a Class V licence 5,000 (Inserted by S.I. 17/2018) (f) a restricted Class II trust— 10(1A)(a) (i) up to 10 trusts— (aa) for licences granted before July 1 1,000 (bb) for licences granted after June 30 500 (ii) 11 to 25 trusts— (aa) for licences granted before July 1 2,000 (bb) for licences granted after June 30 1,000 (iii) 26 to 50 trusts— (aa) for licences granted before July 1 3,000 (bb) for licences granted after June 30 1,500 (Substituted by S.I. 17/2018)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 33 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Annual renewal of a restricted Class II trust licence with— (i) up to 10 trusts 1,000 (ii) 11 to 25 trusts 2,000 (iii) 26 to 50 trusts 3,000 (Inserted by S.I. 88/2010) 10(1A)(b) (g) A restricted Class III trust— (i) for licences granted before July 1 500 (ii) for licences granted after June 30 250 (Amended by S.I. 17/2018) Annual renewal of a restricted Class III trust licence 500 (Inserted by S.I. 88/2010) 10(4) Approval to add or remove a subsidiary from a licence (includes application fee) 100 10(5) Approval of any change in the trusts in connection with which the licensee may undertake trust business (includes application fee) 100 10A(1) Reclassification of a licence 500 (Inserted by S.I. 12/2017) 11(1)(c) Approval to carry on business in the Virgin Islands other than the business for which restricted Class I or restricted Class II banking licence has been issued 7,500 (Inserted by S.I. 12/2017) 14(3) Approval for a licensee to— (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof 250 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in— (i) a person acquiring a significant interest in the licensee; or 250

34 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 250 (Substituted by S.I. 12/ 2017) 14(4) Application for approval of a licensee to— (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in the licensee 150 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in— (i) a person acquiring a significant interest in the licensee; or 150 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 150 (Inserted by S.I. 12/2017) 14A Exemption of a licensee from the requirements of section 14 500 16(1)(a) Approval of— (a) a person, other than a licensee, to use a restricted word in the name, description or title under which that person is carrying on business from within the Virgin Islands 0 16(2) (b) a company incorporated in the Virgin Islands to use a restricted word in the description or title under which the company is carrying on business within or outside the Virgin Islands 0 17E(1) Application for extension of time for submission of financial statements and reports 500

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 35 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 17G(6) Approval for the change of appointment of an auditor 100 18(1) Application to— (a) change the name of a licensee 150 (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 150 Approval to— (c) change the name of a licensee 250 (d) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 2,500 (Substituted by S.I. 12/2017) 19(2) (a) Application for approval of a director or senior officer 150 (b) Approval of director or senior officer 250 19(3) Exemption of a licensee from the requirements of section 19(2) 500 Miscellaneous Application for a current registered agent to act as registered agent for micro business companies 250 Approval for a current registered agent to act as registered agent for micro business companies 750 (Inserted by S.I. 45/2018) 23A Approval to sell, transfer or otherwise dispose of any of the operations of a licensee 3,000 (Inserted by S.I. 17/2018)

36 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (ii) Company Management Act 4(1) Application for a licence to carry out company management services 500 4A Licence to carry out company management services— (a) before July 1 500 (b) after June 30 250 Annual renewal— (a) of a licence to carry out company management services 500 (b) fee for a licensee which provides registered office services for less than 500 companies 10 (per active company) (c) fee for a licensee which provides registered office services for 500 or more companies 5,000 (Substituted by S.I. 45/2018) 9A(3) Application for change of— (a) principal office (includes change of office of companies under management) 150 (b) authorised agent 150 Approval for change of— (a) principal office (includes change of office of companies under management) 250 (b) authorised agent 250 (Inserted by S.I. 12/2017)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 37 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 13(3) Approval of a licensee to— (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in the licensee 250 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in— (i) a person acquiring a significant interest in the licensee; or 250 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 250 (Inserted by S.I. 12/2017) 13(4) (Substituted by S.I. 12/2017) Application for approval of a licensee to— (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof 150 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that would result in— (i) a person acquiring a significant interest in the licensee; or (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 150 150 (Substituted by S.I. 12/2017) 13A Exemption of a licensee from the requirements of section 13 500

38 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 16(1) Application to— (a) change the name of a licensee 150 (b) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 150 Approval to— (c) change the name of a licensee 250 (d) incorporate or operate inside or outside the Virgin Islands a subsidiary, branch, agency or representative office 1,000 (Substituted by S.I. 12/2017) 16A(2) (a) Application for approval of a director or senior officer 150 (b) Approval of a director or senior officer 250 16A(3) Exemption of a licensee from the requirements of Section 16A(2) 500 7E(1) Application for extension of time for submission of financial statements and reports 500 17G(6) Approval for the change of appointment of an auditor 100 Miscellaneous Application for a current registered agent to act as registered agent for micro business companies 250 Approval for a current registered agent to act as registered agent for micro business companies 750 (Inserted by S.I. 45/2018)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 39 Revision Date: 1 Jan 2020 [Statutory Instrument] (Regulation 2) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (iii)(a) Insurance Act 6(1) Application for exemption on grounds of lack of insurance availability 1,000 8(1) Application for a category A, B, C, D, E or F insurer’s licence 1,000 8(6) Issuing of a licence to carry on insurance business as— (a) Category A and B licensees— (i) on or before June 30th 3,500 (ii) after June 30th 1,750 (b) Category C, D, E or F licensees— (i) on or before June 30th 2,000 (ii) after June 30th 1,000 (c) Category C (SPC) licensee— (i) on or before June 30th 7,500 (ii) after June 30th 3,750 Annual renewal of a licence to carry on insurance business for— (a) Category A and B licensees where total premium volume for preceding year is— (i) $0 - $4,999,999 3,500 (ii) $5,000,000 - $9,999,999 7,500 (iii) $10,000,000 and above 10,000

40 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (b) Category C, D, E or F licensees where total gross written premiums for the preceding year are — (i) $500,000 or less 2,000 (ii) $500,001 to $999,999 3,000 (iii) $1,000,000 to $2,400,000 3,500 (iv) $2,400,001 to $4,999,999 4,500 (v) $5,000,000 to $9,999,999 6,000 (vi) $10,000,000 and above 7,500 (Substituted by S.I. 12/2017) (c) Category C (SPC) licensee 7,500 8A Application to vary a licence— (a) by including an additional class of insurance business or removing a current class of insurance business 150 (b) by converting one category of licence to another— 150 Approval of— (a) variation of licence 500 (b) conversion of licence 1,000 11(2)(b) Application for a licence to issue shares otherwise than fully paid or for a consideration other than cash 100 Approval for a licensee to issue shares otherwise than fully paid or for a consideration other than cash 250 13(4) Application for approval for a licensee to make a distribution at any time in the period of five years after being granted a licence 150 Approval for a licensee to make a distribution at any time in the period of five years after being granted a licence 250 14(1) Application for approval for a licence to— (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares 150

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 41 Revision Date: 1 Jan 2020 [Statutory Instrument] (b) enter into any guarantee or provide any security in connection with a loan by any other person to a connected person 150

42 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Approval for a licence to— (a) acquire or deal in its own shares or lend money or make advances on the security of its own shares 250 (b) enter into any guarantee or provide any security in connection with a loan by any other person to a connected person 250 15(2) Application for approval to create, or permit to be created any mortgage, charge or lien over an asset maintained in the Virgin Islands 150 Approval to create, or permit to be created any mortgage, charge or lien over an asset maintained in the Virgin Islands 250 16(2)(b) Application for the approval of a person to act as a reinsurer to the insurer 150 Approval to act as a reinsurer to a licensed insurer 0 17(1) Application for approval for a licensee to invest or trade in a derivative 150 Approval for a licensee to invest or trade in a derivative 250 19(1) Application for approval of a director or senior officer of a licensed insurer 150 Approval of a director or senior officer of a licensed insurer 250 20(1) Approval to— (a) open, maintain or carry out business through a branch or a representative or contact office outside the Virgin Islands 100 (b) incorporate, form or acquire a subsidiary 100 Application for approval of a licensed insurer to—

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 43 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 21(3) (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof (b) issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that would result in— 150 (i) a person acquiring a significant interest in the licensee; or 150 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 150 Approval of a licensed insurer to— (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof 250 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that would result in— (i) a person acquiring a significant interest in the licensee; or 250 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 250 23(2)(b) Application for approval of the appointment of an insurance manager by a licensee (applicable on transfer) 150 Approval for the appointment of an insurance manager by a licensee (applicable on transfer) 250 27(2)(b) Application for the approval of an actuary 150 27(2)(b) Approval for the appointment of an actuary 250

44 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 33(1) Application for approval for a licensee to transfer part of its business to another person or merge part of its business with the business of another person 150 Approval for a licensee to transfer part of its business to another person or merge part of its business with the business of another person 250 35(1) Application for approval of a merger, consolidation, arrangement or scheme of arrangement by a licensee under Part IX of the BVI Business Companies Act, 2004 150 Approval of a merger, consolidation, arrangement or scheme of arrangement by a licensee under Part IX of the BVI Business Companies Act, 2004 250 36A Application to add a segregated portfolio or cell 250 Approval to add a segregated portfolio or cell 500 40(1) Application for— (a) an insurance manager’s licence 500 (b) an insurance intermediary’s licence 500 (c) a loss adjuster’s licence 500 40(4) Issuing of a license to act as— (a) an insurance manager 2,000 (b) an insurance intermediary 1,000 (c) a loss adjuster 1,000 Annual renewal of a licence to act as— (a) an insurance manager 2,000 (b) an insurance intermediary 1,000 (c) a loss adjuster 1,000

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 45 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 44(1) Application for approval of a director or senior officer of a licensed insurance manager or intermediary 150 Approval of a director or senior officer of a licensed insurance manager or intermediary 250 45(3) Application for approval of a licensed insurance manager or intermediary to— (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof 150 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that would result in— (i) a person acquiring a significant interest in the licensee; or 150 (i) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 150 Approval of a licensed insurance manager or intermediary to— (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition of any significant interest, or part thereof 250 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that would result in— (i) a person acquiring a significant interest in the licensee; or 250 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 250

46 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 46(2) Application for approval to add or remove a licensed insurer from the licence of an insurance agent 100 Approval to add or remove a licensed insurer from the licence of an insurance agent 250 47(1) Application for approval of a designated representative of an insurance manager (other than the initial designated representative) 150 Approval of a designated representative of an insurance manager (other than the initial designated representative) 250 48(1) Application for approval of a licensed insurance manager, employee or associate to— (a) be a shareholder in, or have any direct or indirect interest in, or 150 (b) be a director or employee of, 150 an insurer for which it acts, or for which the insurance manager of which the persons is an employee or associate, acts Approval of a licensed insurance manager, employee or associate to— (a) be a shareholder in, or have any direct or indirect interest in, or 250 (b) be a director or employee of, 250 an insurer for which it acts, or for which the insurance manager of which the persons is an employee or associate, acts 54(4) Application for approval to vary the financial year of a licensee 100 Approval to vary the financial year of a licensee 250 59(1) Application for approval of an extension of time to comply with section 57 or 58 of the Act 150 Approval of an extension of time to comply with section 57 or 58 of the Act 500

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 47 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 61(2)(c) Application for approval of an auditor 150 61(2)(c) Approval for the appointment of an auditor 250 72(1) Application for approval of a licensee to change its name or the name under which it carries on business 100 Approval of a licensee to change its name or the name under which it carries on business 250 75(1) Approval to use a restricted word in the name under which a licensee is registered, or in the description or title under which he carries on business in or from within the Virgin Islands 0 79(1) Application for the Commission to furnish a person with a certified copy of— (a) a licence 25 (b) part or whole of a register (i) 1 to 15 pages 10 (ii) 16 to 50 pages 40 (iii) Over 50 pages 1.50 (for each additional page) (c) an extract from a public document 1.50 per page (d) any other public document 1.50 per page (iii)(b) Insurance Regulations 14(3) Application for approval by the Commission of a stand-by letter of credit not specified in regulation 14(3) 150 Approval by the Commission of a stand-by letter of credit not specified in regulation 14(3) 250 (Substituted by S.I. 50/2016)

48 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (iv) Financing and Money Services Act 8(1) Licence fee for a Class of a Financing and Money Services licence: Class A (a) Initial licence fee— (a) on or before June 30th 10,000 (b) after June 30th 5,000 (b) Annual renewal of licence 10,000 (c) Annual fee for each subsidiary, branch or representative office 1,000 Class B (a) Initial licence fee— (a) on or before June 30th 2,000 (b) after June 30th 1,000 (b) Annual renewal of licence 2,000 Class C (a) Initial licence fee— (a) on or before June 30th 2,000 (b) after June 30th 1,000 (b) Annual renewal of licence 2,000 Class D (a) Initial licence fee— (a) on or before June 30th 2,000 (b) after June 30th 1,000 (b) Annual renewal of licence 2,000 Class E (a) Initial licence fee— (a) on or before June 30th 5,000 (b) after June 30th 2,500 (b) Annual renewal of licence 5,000 Class F (a) Initial licence fee— (a) on or before June 30th 10,000 (b) after June 30th 5,000 (b) Annual renewal of licence 10,000 (Substituted by S.I. 16/2018)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 49 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 9(1) Application fee for a Class of a Financing and Money Services licence: (a) Class A 500 (b) Class B 250 (c) Class C 250 (d) Class D 250 (e) Class E 300 (f) Class F 500 (Substituted by S.I. 16/2018) 13(1) (a) Application for approval of a director or senior officer 150 (b) Approval of a director or senior officer 250 14(3) Approval for a licensee to— (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest in the licensee 250 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in— (i) a person acquiring a significant interest in the licensee; or 250 (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 250 (Substituted by S.I. 12/2017)

50 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 14(4) Application for approval of a licensee to— (a) cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant or controlling interest in the licensee 150 (b) issue or allot any shares or cause, permit or acquiesce in any other reorganisation of its share capital that results in— (i) a person acquiring a significant interest in the licensee; or 150 (iii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his or her interest 150 (Substituted by S.I. 12/2017) 15(2) Application to change the location of a licensee’s principal office 150 Approval to change the location of a licensee’s principal office 250 (Substituted by S.I. 12/2017) 16(1) Application to open, maintain or carry on business through a branch, representative or contact office 150 Approval to open, maintain or carry on business through a branch, representative or contact office 1,000 (Substituted by S.I. 12/2017) 25(1) Application for extension of time to submit annual financial statements under section 23, or unaudited financial statements, returns or other prescribed information and documentation under section 24 500 27(2) Approval for the appointment of an auditor 100 37(1) Application to— (a) change the corporate name or name under which a BVI licensee carries on business 150 (b) change the name under which a licensed foreign company carries on business in the Virgin Islands 150

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 51 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Approval to— (a) change the corporate name or name under which a BVI licensee carries on business 1,000 (b) to change the name under which a licensed foreign company carries on business in the Virgin Islands 1,000 (Substituted by S.I. 12/2017) 43(1) Application for the Commission to furnish a person with a certified copy of— 25 (a) a licence (b) part or whole of a register— (i) 1 to 15 pages 10 (ii) 16 to 50 pages 40 (iii) over 50 pages 1.50 (for each additional page) (c) an extract from a public document 1.50 (per page) (d) any other public document 1.50 (per page) (Inserted by S.I. 34/2015)

52 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (v) Securities and Investment Business Act 5 Licence fee for an Investment Business licence: Category 1 – Dealing in Investments Sub-category A: Dealing as Agent (a) Initial licence fee— (a) on or before June 30th 1,500 (b) after June 30th 750 (b) Annual renewal of licence fee 1,500 Sub-category B: Dealing as Principal (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Category 2 – Arranging Deals in Investments (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Category 3 – Investment Management Sub-category A: Managing Segregated Portfolios (excluding mutual funds) (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 53 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Sub-category B: Managing Mutual Funds (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Sub-category C: Managing Pension Schemes (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Sub-category D: Managing Insurance Products (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Sub-category E: Managing Other Types of Investment (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Category 4 – Investment Advice Sub-category A: Investment Advice (excluding mutual funds) (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500

54 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Sub-category B: Investment Advice (mutual funds) (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Category 5 – Custody of Investments Subcategory A: Custody of Investments (excluding mutual funds) (a) Initial licence fee— (i) on or before June 30th 2,500 (ii) after June 30th 1,250 (b) Annual renewal of licence fee 2,500 Sub-category B: Custody of Investments (mutual funds) (a) Initial licence fee— (i) on or before June 30th 2,500 (ii) after June 30th 1,250 (b) Annual renewal of licence fee 2,500 Category 6 – Administration of Investments Sub-category A: Administration of Investments (excluding mutual funds) (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750 (b) Annual renewal of licence fee 1,500 Sub-category B: Administration of Investments (mutual funds) (a) Initial licence fee— (i) on or before June 30th 1,500 (ii) after June 30th 750

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 55 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (b) Annual renewal of licence fee 1,500 6(1) Application for an Investment Business licence: Category 1 – Dealing in Investments Sub-category A: Dealing as Agent 1,000 Sub-category B: Dealing as Principal 1,000 Category 2 – Arranging Deals in Investments 1,000 Category 3 – Investment Management Sub-category A: Managing Segregated Portfolios (excluding mutual funds) 1,000 Sub-category B: Managing Mutual Funds 1,000 Sub-category C: Managing Pension Schemes 1,000 Sub-category D: Managing Insurance Products 1,000 Sub-category E: Managing Other Types of Investment 1,000 Category 4 – Investment Advice Sub-category A: Investment Advice (excluding mutual funds) 1,000 Sub-category B: Investment Advice (mutual funds) 1,000 Category 5 – Custody of Investments Subcategory A: Custody of Investments (excluding mutual funds) 1,000 Sub-category B: Custody of Investments (mutual funds) 1,000 Category 6 – Administration of Investments Sub-category A: Administration of Investments (excluding mutual funds) 1,000 Sub-category B: Administration of Investments (mutual funds) 1,000

56 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 10(1) Application for approval of a director or senior officer 150 10(2) Approval of a director or senior officer 250 11(3) Approval of a licensee— (c) to cause, permit or acquiesce in the sale, transfer, charge or other disposition of a significant interest in a licensee 250 (d) to issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that results in— (i) a person acquiring a significant interest in a licensee; or (ii) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 11(4) Application for approval of a licensee— (f) to issue or allot any shares or cause, permit or acquiesce in any other reorganization of its share capital that results in— 150 (iii) a person acquiring a significant interest in a licensee; or (iv) a person who already owns or holds a significant interest in the licensee, increasing or decreasing the size of his interest 12 Approval— (a) to open, maintain or carry on business through a branch or representative or contact office outside the Virgin Islands 1,000 (b) to incorporate, form or acquire a subsidiary 1,000 (Inserted by S.I. 12/2017)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 57 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 14(2) Application to change the corporate name or name under which a licensee carries on business 150 Approval to change the corporate name or name under which a licensee carries on business 1,000 (Substituted by S.I. 12/2017) 28(1) Application for the registration of a prospectus (public issue) 250 28(2) Registration of— a) a prospectus (public issue) 500 b) a supplementary prospectus (public issue) 250 29(1) Application for the registration of a supplementary prospectus 250 45(1) Application for the registration of a public fund 1,000 45(2) Registration of a public fund— (i) on or before June 30th 1,500 (ii) after June 30th 750 Annual renewal fee for the registration of a public fund 1,500 49(1) Application for the registration of a prospectus (public fund) 250 49(3) Registration of— a) a prospectus (public fund) 500 b) an amended prospectus (public fund) 250 51(1) Application for the registration of an amended prospectus (public fund) 250 54(1) Application for approval as— (a) director, or 150 (b) functionary, 150 (Substituted by S.I. 12/2017) of a public fund

58 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 54(2) Approval as— (a) director, or 250 (b) functionary, 250 (Substituted by S.I. 12/2017) of a public fund 55(1) Application for the recognition of a mutual fund as a private or professional fund 700 55(2) Recognition of a mutual fund as a private or professional fund— (i) on or before June 30th 1,000 (ii) after June 30th 500 Annual renewal fee for recognition of a mutual fund as a private or professional fund 1,000 57(1) Application for recognition of a foreign fund 700 57(2) Recognition of a foreign fund— (i) on or before June 30th 1,000 (ii) after June 30th 500 Annual renewal fee for recognition of a foreign fund 1,000 63F(1) Application for recognition of a private investment fund 700 (Inserted by S.I. 85/2019) 63F(2) Recognition of a private investment fund— (i) on or before June 30th 1,000 (ii) after June 30th 500 Annual renewal for recognition as a private investment fund 500 (Inserted by S.I. 85/2019) 64(1) Application for certification to act as an authorized representative 1,000 64(2) Approval of certification to act as an authorized representative— (a) Initial approval 1,500 (b) Annual renewal fee 1,500

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 59 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) 68(4) (a) Application to extend financial year end 250 (b) Approval of extension of financial year end 500 73(1) Application for extension of time for submission of financial statements and reports 750 (Substituted by S.I. 12/2017) 75 Application for approval of an auditor 150 75 Approval of appointment of an auditor 250 (Inserted by S.I. 34/2015) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (vi) Investment Business (Approved Managers) Regulations, 2012 6(1) Application for approval as an investment manager 1,000 6(2) Annual renewal of approval to act as an investment manager 1,500 7(1) Approval to act as an investment manager (i) on or before June 30th 1,500 (ii) after June 30th 750 (Inserted by S.I. 34/2015)

60 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (vii) Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 5(5) Certificate evidencing status of an incubator fund or approved fund 150 7(1) Application for approval of— (i) an incubator fund 1,500 (ii) an approved fund 1,500 7(2) Annual renewal of approval of— (i) an incubator fund 1,000 (ii) an approved fund 1,000 (Inserted by S.I. 34/2015) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (viiA) Mutual Funds Regulations 7(2) Application by a private or professional fund to be exempted from appointing a custodian or fund manager 500 10(2) Application by a private or professional fund to be exempted from appointing an auditor 500 10(4) Approval of extension for the provision of copy of audited financial statements by a private or professional fund 500 16(2) Application by a public fund to be exempted from appointing a custodian 500 (Inserted by S.I. 12/2017) Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (viiB) Private Investment Funds Regulations 10(3) Approval of extension for the provision of copy of audited financial statements by a private investment fund 500 (viiC) Mutual Funds (Foreign Funds) Regulations 5(3) Prior notification of issuance of a prospectus or amended prospectus 250 (Inserted by S.I. 85/2019)

LAW OF VIRGIN ISLANDS Financial Services (Fees) Regulations 61 Revision Date: 1 Jan 2020 [Statutory Instrument] Item No. Enactment Section of Enactment Nature of Fee Fee (US$) (viii) Financial Services (Miscellaneous Exemptions) Regulations Schedule 4, Paragraph 1(1) Application for exemption from the requirement to obtain a separate licence under the Securities and Investment Business Act 1,500 (Inserted by S.I. 12/2017) Schedule 5 Paragraph 2 Application for exemption from preparing and submitting audited financial statements for any given year 250 Exemption from preparing and submitting audited financial statements for any given year 500 (ix) Regulatory Code 11(2A) Application by an applicant for investment business licence to be exempted from submitting a business plan 500 82(1) and (2) Application to include other capital items in the calculation of tier 1 capital 500 Approval to include other capital items in the calculation of tier 1 capital 1,500 89(1) and (2) Application to include other capital items in the calculation of tier 2 capital 500 Approval to include other capital items in the calculation of tier 2 capital 1,000 96(1) and (2) Application to incur an aggregate or large exposure that exceeds capital base 1,000 Approval to incur an aggregate or large exposure that exceeds capital base 2,000 122(1)(b) – (e) Approval to carry out any of the activities outlined in paragraphs (b) to (e) 2,500 151(1) Application to vary the requirements specified in section 150 500 Approval of variation of the requirements specified in section 150 500 162(1) Application to vary the requirements specified in sections 160 and 161 500 Approval of variation of the requirements specified in sections 160 and 161 500

62 Financial Services (Fees) Regulations [Statutory Instrument] Revision Date: 1 Jan 2020 LAW OF VIRGIN ISLANDS Item No. Enactment Section of Enactment Nature of Fee Fee (US$) Schedule 5, Paragraph 3 Application for approval by the Commission of— (a) an investment in, or an advance to, an affiliate of a BVI insurer 150 (b) an investment in a non-traded mutual fund 150 (c) an asset which the Commission may consider capable of inclusion as an allowable asset 150 Approval of— (a) an investment in, or an advance to, an affiliate of a BVI insurer 250 (b) an investment in a non-traded mutual fund 250 (c) an asset which the Commission may consider capable of inclusion as an allowable asset 250 (Substituted by S.I. 12/2017) (Inserted by S.I. 50/2016)

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