§ 734. Administrative hearings, adjudication proceedings and judicial review
All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review must be set forth by regulations promulgated by the Board. The regulations must substantially conform to the principles of the federal Administrative Procedure Act, 5 U.S.C. Sec. 551 et seq.
§ 735. Inapplicability of existing laws
Neither the provisions of this title, nor chapter 15 of title 11, which fix the maximum interest rates or charges permitted on loans, are applicable to the operations of international financial services entities established under this chapter.
§ 735a. The International Financial Services Center Revolving Fund
(a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the International Financial Services Center Revolving Fund. The Commissioner of Finance shall administer the Fund as a separate and distinct fund in the Treasury of the Government of the Virgin Islands. (b) The Fund consists of an […]
§ 730. Revocation, suspension or surrender
(a) The license issued under section 721 is subject to revocation or suspension by the Board, upon previous notice and hearing pursuant to the regulations under this chapter, if: (1) An international financial services entity or the person of which the international financial services entity is a unit, contravenes or fails to comply with any […]
§ 730a. Denial of a License
The Board may deny the issuance of a license or revoke a license for any one of the following reasons: (1) providing incorrect, misleading, incomplete or materially untrue information in the license application; (2) violating or failing to comply with any financial services or other applicable law, rule, subpoena, consent agreement, or order of the […]
§ 731. Dissolution
(a) The Board may appoint a receiver and order the dissolution of an international financial services entity if the license of the international financial services entity or of the person of which the international financial services entity is a unit, is revoked or surrendered under section 730. (b) The receiver appointed must be a person […]
§ 732. Penalties
(a) If any director, official or individual acting in a similar capacity of an international financial services entity or of a person of which the international financial services entity is a unit, violates, or voluntarily or negligently permits any director officer, agent, or employee of the international financial services entity or of the person of […]
§ 733. Confidentiality
(a) The information that the international financial services entity provides to the Board pursuant to this chapter and the regulations of the Board must be kept confidential, except: (1) when disclosure of such information is required by law or judicial order; or (2) through a formal petition of a domestic or foreign government agency in […]
§ 725. No transfer of license
A license issued under this chapter may not be sold, assigned, transferred, pledged, used as security, or otherwise encumbered, except under the provisions of section 748.
§ 726. Permitted transactions; prohibited transactions
(a) Upon receipt of a license to operate an international financial services entity under section 721, an international financial services entity may: (1) accept transaction-related funds from foreign persons in accounts as well as demand or fixed term deposits and interbank deposit of funds. For purposes of this chapter, “transaction-related funds” means moneys, funds, credits, […]