Date: February 9, 2005
Contact: Angela Johnson
Phone: 340-773-6449
LT. GOVERNOR’S BANKING AND INSURANCE DIVISION PREPARED TO ASSUME
OVERSIGHT OF SECURITIES INDUSTRY
Lieutenant Governor Vargrave Richards announces that the Division of Banking
and Insurance, under his supervision as Commissioner of Insurance and
Chairman of the Virgin Islands Banking Board, has successfully completed
intensive training in preparation for the assumption of regulatory oversight
of the Territory’s securities industry. On February 12, 2005, in
accordance with the Virgin Islands Uniform Securities Act of 2004, the
Division will begin its statutory duties with regard to the securities
market.
“Although presently unfunded, and also requiring additional specialized
staff based on the enormity of the responsibility, I am forging ahead
to comply with the statutory mandate set forth by law in the Uniform Securities
Act of 2004,” Lieutenant Governor Richards stated.
To facilitate training, experts from the Securities Division of the Tennessee
Department of Commerce and Insurance conducted seminars for the Lieutenant
Governor’s staff recently on St. Thomas. Industry-specific topics
and training included areas such as organizational structure; uniform
forms; securities registration; industry regulation; broker-dealer registration;
enforcement; and interpretive opinions.
The V.I. Uniform Securities Act of 2004 requires the Government of the
Virgin Islands to:
* Register investment advisers and brokers; and
* Overall, regulate of the Securities investment industry.
“The Virgin Islands Uniform Securities Act charges my office with
establishing, in essence, a ‘new’ department within the Division
of Banking and Insurance,” Lieutenant Governor Richards said. “While
this is a tremendous undertaking, I am wholly confident that my staff,
under the supervision of Division Director Deverita Sturdivant will be
able to manage all statutory responsibilities required.”
Additionally, the Banking and Insurance Division’s new jurisdiction
will maintain the integrity of the Virgin Islands securities market and
protect investors by promoting investor education and fraud prevention.
“We look forward to moving the Territory’s securities industry
forward into the new millennium,” Lieutenant Governor Richards concluded.
