Act No. 6727 (26th Legislature)
ACTNO. 6727 BILL NO. 26-0007 TWENTY-SIXTH LEGISLATURE OF THE VIRGIN ISLANDS OF THE UNITED STATES Regular Session 2005 To enact the Financial Services Act of 2005 and for other related purposes ---0--- BE IT ENACTED by the Legislature of the Virgin Islands: SECTION 1. This Act shall be cited as “The Financial Services Act of 2005”. SECTION 2. The Legislature of the Virgin Islands declares the policy of the Territory of the Virgin Islands to be as follows: The business of all providers of financial services in the Territory shall be supervised and regulated in such manner as to ensure the safe and sound conduct of such businesses while minimizing the regulatory burdens of each and all of them, to avoid to the extent possible duplication of federal regulatory requirements and authority over banks and banking in the Virgin Islands, to eliminate unsound and destructive competition while protecting and preserving the economic health and vitality of financial service providers and that of the Virgin Islands and encouraging the advantageous development and expansion of financial services; to …
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