bulletin 2015 01 moratorium on acceptance of ibe application
Q Office of the Lieutenant Governor Virgin Islands Division of Banking and Insurance Virgin Islands #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVT 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2015-01 TO: GENERAL PUBLIC RE: MORATORIUM ON ACCEPTANCE OF NEW APPLICATIONS UNDER ACT NO. 7390 (THE INTERNATIONAL BANKING CENTER REGULATORY ACT) In accordance with Title 9, Virgin Islands Code, Chapter 25, Section 717(a)(10), this Bulletin is being issued to notify the public that the Honorable Osbert E. Potter, Lieutenant Governor, and Gwendolyn Hall Brady, Director of the Division of Banking and Insurance (“Division”) declare a Moratorium on the Division’s acceptance of new applications for permits and licenses to operate an [nternational Banking Entity (“IBE") and for the issuance of tax incentives benefit certificates (“Certificate”) in the Virgin Islands. Section 717(a)(10) states that “The Director shall ... …
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Q Office of the Lieutenant Governor Virgin Islands Division of Banking and Insurance Virgin Islands #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVT 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Christiansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2015-01 TO: GENERAL PUBLIC RE: MORATORIUM ON ACCEPTANCE OF NEW APPLICATIONS UNDER ACT NO. 7390 (THE INTERNATIONAL BANKING CENTER REGULATORY ACT) In accordance with Title 9, Virgin Islands Code, Chapter 25, Section 717(a)(10), this Bulletin is being issued to notify the public that the Honorable Osbert E. Potter, Lieutenant Governor, and Gwendolyn Hall Brady, Director of the Division of Banking and Insurance (“Division”) declare a Moratorium on the Division’s acceptance of new applications for permits and licenses to operate an [nternational Banking Entity (“IBE") and for the issuance of tax incentives benefit certificates (“Certificate”) in the Virgin Islands. Section 717(a)(10) states that “The Director shall ... carry out such other activities incidental to the performance of duties under this chapter.” The Moratorium is declared to allow the Division sufficient time, in accordance with Section 717(a)(1), to effectuate amendments to the provisions of this chapter and to effectuate amendments to the regulations associated with this chapter. Section 717(a) (1) states “The Director shall adopt, and may thereafter, from time to time, repeal, amend, or supplement regulations in order to comply with the provisions of this chapter.” The Moratorium is effective April 28, 2015. The Moratorium will be lifted upon the enactment of the amendments to this chapter and upon the amendments of the related regulations. Application(s) already submitted to the Division on the date of this Moratorium will be reviewed and, if aie) al and certificate will be issued. Dated this AS day April, 2015 at St. Croix, U.S. Virgin Islands. tr Cae = \o Osbert E. Potter! Gwendolyn Hall Brady =. Lieutenant Govemor tor