& Office of the Lieutenant Governor



Division of Banking, Insurance and



Financial Regulation



Virgin Islands



#5049 Kongens Gade, Charlotte Amalie, St. Thomas, USVI 00802-6487 @ (340) 774-7166 @ Fax (340) 774-9458



1131 King Street, Suite 101, Chnsuansted, St. Croix, USVI 00820 @ (340) 773-6459 @ Fax (340) 719-3801



BULLETIN 2017-02

TO: GENERAL PUBLIC



RE: LIFTING OF THE MORATORIUM ON ACCEPTANCE OF NEW APPLICATIONS

UNDER ACT NO. 7390 (THE INTERNATIONAL BANKING CENTER

REGULATORY ACT)



This Bulletin serves to notify the public that the Moratorium on Acceptance of New

Applications (“Moratorium”) under Act No. 7390 (The International Banking Center Regulatory

Act now known as International Financial Services Center Regulatory Act) has been lifted on the

date herein referenced below.



On April 28, 2015, the Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the

Banking Board (“Chairman”), and Gwendolyn Hall Brady, Director of the Division of Banking and

Insurance now known as Division of Banking, Insurance and Financial Regulation (“Division”)

issued Bulletin Number 2015-01, Moratorium. In that Bulletin, the public was notified that a

Moratorium was placed on the Division’s acceptance of new applications for permits and

licenses to operate an International Banking Entity (“IBE”’), in order to allow the Division

sufficient time to effectuate amendments to the provisions of the IBE Law and amendments to

the rules and regulations (“Rules”). On January 20, 2017, Governor Kenneth E. Mapp signed

into law Act No. 7968, which amends Act No. 7390 and Act No. 7651. Act No. 7968 amends

Title 9, Virgin Islands Code, Chapters 1 and 25, relating to the International Banking Center

Regulatory Act and Title 29, Chapter 12, providing for benefits for international financial

services entities formerly known as International Banking Entities.

Additionally, Interim Amended Rules and Regulations (“Interim Amended Rules”) are currently



being drafted for promulgation to reflect the changes to Act 7390. Once drafted the interim



Amended Rules will be distributed and effective pending execution of Final Amended Rules



For a copy of Act No. 7968, please see the Division’s page on the Office of the Lieutenant



Governor’s website http://itg.gov.vi or go to the Legislature of the Virgin Islands website at



www.legvi.org



Dated this 7



_! say February, 2017 at St. Croix, U.S. Virgin Islands



KA _Q ele hh



Osbert E. Potter



—ewendolyn Hall Brady



Lieutenant Governor/



Director



Chairman of the Virgin Islands Banking Board



Division of Banking, Insurance | Fina



ial



Regulation