BRITISH VIRGIN ISLANDS Law and Practice Contributed by: Omonike Robinson-Pickering, Iona Wright, Lucy Frew and Sara Hall Walkers Contents 1. Legal Framework p.63 1.1 Key Laws and Regulations p.63 2. Authorisation p.63 2.1 Licences and Application Process p.63 3. Changes in Control p.64 3.1 Requirements for Acquiring or Increasing Control Over a Bank p.64 4. Governance p.65 4.1 Corporate Governance Requirements p.65 4.2 Registration and Oversight of Senior Management p.66 4.3 Remuneration Requirements p.66 5. AML/KYC p.66 5.1 AML and CFT Requirements p.66 6. Depositor Protection p.67 6.1 Deposit Guarantee Scheme (DGS) p.67 7. Prudential Regime p.67 7.1 Capital, Liquidity and Related Risk Control Requirements p.67 8. Insolvency, Recovery and Resolution p.68 8.1 Legal and Regulatory Framework p.68 9. ESG p.69 9.1 ESG Requirements p.69 10. DORA p.69
British Virgin Islands
Dominican Rep.
Anguilla
St. Croix
Puerto Rico
St. Kitts & Nevis
WEST INDIES
10.1 DORA Requirements p.69 11. Horizon Scanning p.69 11.1 Regulatory Developments p.69
61
CHAMBERS.COM
Powered by FlippingBook