§ 722. Amendments to articles of incorporation
(a) The articles of incorporation, partnership agreement or other written document establishing an international financial services entity or to any license executed in accordance with section 721, may not be amended, unless the amendment has been previously approved, in writing, by the Board. (b) After the adoption of any amendment to the articles of incorporation, […]
§ 723. Unencumbered assets, capital, shares of capital stock
(a) Every international financial services entity shall possess not less than $300,000 of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Board authorizes, when the type of business or power that the international financial services entity intends to exercise or other circumstances thus merits it, […]
§ 724. Transfer of capital or control of an international financial services entity
(a) Except as provided in regulations of the Board, a sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international financial services entity may not be initiated without the previous written authorization of the Board, if by way of such transaction, a person could acquire, […]
§ 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, […]
§ 727. Personnel
(a) The international financial services entity shall employ on a full-time basis a minimum of three persons at its business office or offices in Virgin Islands. However, the Board may authorize a lesser number of employees upon request of the interested party. In considering such authorization the Board shall evaluate factors, such as the powers […]
§ 728. Accounts and registers
(a) The original of the account books and registers of the international financial services entity must be kept in its main business office in the Virgin Islands and must reflect such details and be kept in such a manner as may be required by the regulations of the Board; a duplicate of the account books […]
§ 729. Reports
Every international financial services entity shall submit to the Board all reports as may be required by the regulations of the Board, including an annual financial statement prepared by certified public accountants, licensed to practice in the Virgin Islands, as well as interim financial statements.
§ 715. Short title
This chapter may be cited as “The International Financial Services Center Regulatory Act.”
§ 716. Definitions
As used in this chapter: (a) “Affiliate” means a corporation partnership, limited liability company business trust, or any other legal organization or entity that controls, is controlled by, or is under common control with any other of these entities. (b) “Bank Secrecy Act (BSA)” means the federal Bank Secrecy Act of 1970, as amended by […]