Cabinet Approves Financial Services Regulations
Cabinet has approved a series of amendments to regulations governing the financial services sector in the Virgin Islands, along with two Bills that are to be introduced in the House of Assembly.
Cabinet has approved a series of amendments to regulations governing the financial services sector in the Virgin Islands, along with two Bills that are to be introduced in the House of Assembly. The approved regulations cover trade mark fees, beneficial ownership, business companies and limited partnership fees.
The regulations approved by Cabinet are: Financial Services (Trade Marks Fees) (Amendment) Regulations, 2026 BVI Business Companies and Limited Partnerships (Beneficial Ownership) (Amendment) Regulations, 2026 BVI Business Companies (Amendment) Regulations, 2026 Financial Services (Limited Partnership Fees) (Amendment) Regulations, 2026 Cabinet decided that the four sets of regulations should be published in the Virgin Islands Official Gazette and laid before the House of Assembly, subject to a negative resolution procedure.
Under this procedure, the regulations may take effect without an affirmative vote of approval, but remain subject to the House of Assembly’s power to annul them in accordance with the applicable legislative process. Two Bills to Be Introduced Cabinet also considered and approved two Bills for introduction in the House of Assembly: Limited Partnership (Amendment) Bill, 2026 BVI Business Companies (Amendment) Bill, 2026 It was agreed that both Bills would be introduced for their first readings at the next convenient sitting of the House of Assembly.
The approvals form part of the Territory’s ongoing legislative work relating to its financial services framework, including the regulation of business companies, limited partnerships, beneficial ownership and associated fees. Further details on the specific changes contained in the regulations and Bills were not included in the Cabinet decisions provided.
Primary source: Guavaberry