Financial Services (Exceptional Circumstances) (Amendment) Act, 2025 (No. 1 of 2025)

Summary

This is a short amendment act that alters the Financial Services (Exceptional Circumstances) Act, 2020 (No. 4 of 2020) in the British Virgin Islands. It removes governance related definitions and repeals four sections dealing with administration of the exceptional circumstances regime, rather than imposing new duties on financial services businesses.

• Definitions removed: Deletes the definitions of Board, Chairman, EC, LSC and Managing Director from section 2(1) of the principal Act.
• Heading deleted: Removes the heading Administration that appeared immediately before section 5 of the principal Act.
• Sections repealed: Repeals sections 5, 6, 7 and 8 of the Financial Services (Exceptional Circumstances) Act, 2020, which set out the administration provisions being removed.

The Act does not itself set out compliance obligations for licensees or other regulated entities; it restructures the underlying legislation by stripping out administrative machinery. It comes into force only once the Minister publishes a commencement notice in the Gazette, so its practical effect depends on that future notice.

Deadlines

• such date as the Minister may, by Notice published in the Gazette, appoint: Commencement date of the Act, to be fixed by ministerial notice in the Gazette

Related documents

• This document amends Financial Services (Exceptional Circumstances) Act, 2020
• Financial Services (Exceptional Circumstances) (Amendment) Act, 2025 (Commencement) Notice (S.I. No. 17 of 2025) commences this document