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Virgin Islands Legislation Update

The British Virgin Islands (BVI) has issued several legislative updates and amendments in recent years, aimed at strengthening its financial regulatory framework and improving investor confidence. Below is a comprehensive overview of the key legislation changes affecting the financial services industry.

Financing and Money Services

  • The Financing and Money Services (Amendment) Act, 2020 introduced various amendments to the Financing and Money Services Act, aimed at enhancing financial stability and reducing regulatory burdens.
  • The Financing and Money Services (Amendment) Act, 2021 further amended the Financing and Money Services Act to improve its effectiveness.
  • The Financing and Money Services (Amendment) Act, 2023 made additional changes to the act.

Statutory Instruments

  • The Financing and Money Services (Exemptions) Regulations (Revised 2020) provide guidance on exemptions from licensing requirements.
  • Notice: Finance and Money Services (Amendment) Act, 2020 clarifies payment procedures for transaction levies.
  • Notice: The Periodic Basis For Which The Transaction Levy Collected By a Class ‘A’ Licensee Shall Be Paid To The Commission provides further guidance on payment procedures.

Governance

  • The Financial Investigation Agency (Amendment) Act, 2021 introduced various amendments to the Financial Investigation Agency Act, aimed at enhancing governance and oversight.
  • The Financial Investigation Agency (Amendment) Act, 2023 made additional changes to the act.
  • The Financial Services Commission (Amendment) Act, 2021 introduced various amendments to the Financial Services Commission Act.
  • The Financial Services Commission (Amendment) Act, 2022 made further amendments to the act.

Investment Business

  • The Securities and Investment Business (Amendment) Act, 2023 introduced various amendments to the investment business framework, aimed at enhancing investor protection and reducing regulatory burdens.
  • The Investment Business (Approved Managers) Regulations (Revised 2020) provide guidance on approved managers.
  • The Mutual Funds (Foreign Funds) Regulations (Revised 2020) provide guidance on foreign funds.

Trusts & Estates

  • The Trusts (Amendment) Act, 2022 introduced various amendments to the Trusts Act, aimed at enhancing trust administration and reducing regulatory burdens.
  • The Estates (Amendment) Act, 2023 made additional changes to the act.

Virtual Assets

  • The Virtual Assets (Application Requirements for Registration of Virtual Assets Services Providers) Regulations (Revised 2020) introduced requirements for the registration of virtual assets services providers, aimed at enhancing investor protection and reducing regulatory burdens.

Other

  • The Taxation (Amendment) Act, 2023 introduced various amendments to taxation law, aimed at enhancing tax compliance and reducing regulatory burdens.
  • The Companies (Amendment) Act, 2022 made additional changes to company law.

The BVI Financial Services Commission continues to monitor the financial services industry and make necessary updates to ensure stability and investor confidence. For more information on these legislative changes or to learn about other relevant legislation, please visit our website or contact us directly.