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Legislation Watch
2020 Financing and Money Services (Amendment) Act
The Government of the British Virgin Islands has introduced a significant amendment to the Financing and Money Services Act, 2013. The 2020 Financing and Money Services (Amendment) Act aims to strengthen the regulatory framework for financial services in the Territory.
Key Changes
- Enhanced requirements for licensees to maintain adequate capital and liquidity
- Strengthened provisions for consumer protection and complaint handling
- New powers for the Financial Services Commission to investigate and enforce compliance
Financing and Money Services (Exemptions) Regulations (Revised 2020)
The revised regulations set out exemptions from the requirements of the Financing and Money Services Act, 2013. The changes include:
Exemptions
- Clarification on exemption for certain financial services providers
- New exemptions for certain activities carried out by licensed entities
- Revised procedures for seeking exemptions
Notice: Finance and Money Services (Amendment) Act, 2020
The Financial Services Commission has issued a notice announcing the coming into force of the 2020 Financing and Money Services (Amendment) Act. The notice provides details on the effective date of the amendments and guidance for licensees.
Periodic Reporting Requirements
All licensed entities are required to submit periodic reports to the Financial Services Commission, detailing their financial performance and compliance with regulatory requirements. Failure to comply may result in penalties or revocation of licensure.
Stay up-to-date with the latest developments in the British Virgin Islands’ financial services sector by following our Legislation Watch series. Contact us for more information on how this legislation affects your business.