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【Wealth Succession】BVI: New enforcement powers for financial sector regulator

Further amendments to the British Virgin Islands’ (BVI') financial regulation regime have now come into force. The Financial Services Commission (Amendment) Act 2022 expands the regulator's powers to include issuing disqualification orders against directors, general partners or limited partners, suspending and withdrawing licence approvals, directing the removal of persons within licensees and taking steps to prevent abuse of customers by licensees. Other powers are being granted to the Financial Services Commission under the Banks and Trust Companies (Amendment) Act 2022 and the Insolvency (Amendment) Act 2023 and associated rules and code of practice.


News Source：【BVI Financial Services Commission 2023/02/28】

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