bulletin 2017 02 international financial services entitities
& Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation Virgin Islands #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Chnsuansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2017-02 TO: GENERAL PUBLIC RE: LIFTING OF THE MORATORIUM ON ACCEPTANCE OF NEW APPLICATIONS UNDER ACT NO. 7390 (THE INTERNATIONAL BANKING CENTER REGULATORY ACT) This Bulletin serves to notify the public that the Moratorium on Acceptance of New Applications (“Moratorium”) under Act No. 7390 (The International Banking Center Regulatory Act now known as International Financial Services Center Regulatory Act) has been lifted on the date herein referenced below. On April 28, 2015, the Honorable Osbert E. …
Download the original document · Plain text (TXT) · Browse the archive · How this archive works
SHA-256 a9c8062f3d1a99fa808b5db6724dc714e753c80502a35e8e19d3c230c937a595
Re-using this document
A public record of the Government of the Virgin Islands, published by the agency itself. No copyright is asserted on it and 17 U.S.C. § 105 does not reach territorial government, so it publishes as a territorial public record.
Our description, tagging, arrangement, extracted text and machine transcripts are released under CC0 1.0. We assert nothing about the document itself.
Archive identifier LF-a9c8062f3d1a
Document text
& Office of the Lieutenant Governor Division of Banking, Insurance and Financial Regulation Virgin Islands #5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458 1131 King Street, Suite 101, Chnsuansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801 BULLETIN 2017-02 TO: GENERAL PUBLIC RE: LIFTING OF THE MORATORIUM ON ACCEPTANCE OF NEW APPLICATIONS UNDER ACT NO. 7390 (THE INTERNATIONAL BANKING CENTER REGULATORY ACT) This Bulletin serves to notify the public that the Moratorium on Acceptance of New Applications (“Moratorium”) under Act No. 7390 (The International Banking Center Regulatory Act now known as International Financial Services Center Regulatory Act) has been lifted on the date herein referenced below. On April 28, 2015, the Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the Banking Board (“Chairman”), and Gwendolyn Hall Brady, Director of the Division of Banking and Insurance now known as Division of Banking, Insurance and Financial Regulation (“Division”) issued Bulletin Number 2015-01, Moratorium. In that Bulletin, the public was notified that a Moratorium was placed on the Division’s acceptance of new applications for permits and licenses to operate an International Banking Entity (“IBE”’), in order to allow the Division sufficient time to effectuate amendments to the provisions of the IBE Law and amendments to the rules and regulations (“Rules”). On January 20, 2017, Governor Kenneth E. Mapp signed into law Act No. 7968, which amends Act No. 7390 and Act No. 7651. Act No. 7968 amends Title 9, Virgin Islands Code, Chapters 1 and 25, relating to the International Banking Center Regulatory Act and Title 29, Chapter 12, providing for benefits for international financial services entities formerly known as International Banking Entities. Additionally, Interim Amended Rules and Regulations (“Interim Amended Rules”) are currently being drafted for promulgation to reflect the changes to Act 7390. Once drafted the interim Amended Rules will be distributed and effective pending execution of Final Amended Rules For a copy of Act No. 7968, please see the Division’s page on the Office of the Lieutenant Governor’s website http://itg.gov.vi or go to the Legislature of the Virgin Islands website at www.legvi.org Dated this 7 _! say February, 2017 at St. Croix, U.S. Virgin Islands KA _Q ele hh Osbert E. Potter —ewendolyn Hall Brady Lieutenant Governor/ Director Chairman of the Virgin Islands Banking Board Division of Banking, Insurance | Fina ial Regulation