Below is a brief summary of these developments:

This Amendment Act introduces substantial changes to the original 2020 legislation by repealing sections 5 through 8, which pertained to administrative functions. Additionally, definitions such as “Board”, “Chairman”, “EC”, “LSC”, and “Managing Director” have been removed from Section 2(1), suggesting a simplification or restructuring of governance under the Act.

The amendments officially took effect on 19 February 2025, as per the Minister’s Notice (Statutory Instrument No. 17 of 2025) and can be can be accessed here.

The Financial Services (Exceptional Circumstances) (Amendment) Act, 2025 can be found here.

A separate Notice (Statutory Instrument No. 18 of 2025) has also been issued to bring into effect the Financial Services Commission (Amendment) Act, 2024. This legislation, similarly effective from 19 February 2025, indicates coordinated efforts to modernise and align the broader regulatory framework within the territory.

The Statutory Instrument 2025 No. 18 can be found here.

These legislative updates demonstrate a proactive approach to regulatory refinement in the Virgin Islands. We encourage stakeholders to familiarise themselves with these changes to remain compliant and informed.