In United States Virgin Island, investors have rights and protections under numerous laws and regulations including:
The United States Virgin Islands Uniform Securities Act (USVI USA) is a securities law that regulates the offer and sale of securities in the United States Virgin Islands. It was enacted in 2004 and is based on the Uniform Securities Act (USA), a model law developed by the National Conference of Commissioners on Uniform State Laws (NCCUSL).
The USVI USA requires most securities offerings to be registered with the Virgin Islands Securities Commissioner (VSC). However, there are a number of exemptions from registration, such as offerings made to accredited investors, offerings of exempted securities, and offerings made in connection with certain small business development companies.
The USVI USA also regulates the activities of broker-dealers, investment advisers, and investment companies. Broker-dealers must be registered with the VSC and must comply with certain rules and regulations, such as the requirement to maintain net capital and to conduct customer accounts in a fair and equitable manner. Investment advisers must also be registered with the VSC and must comply with certain rules and regulations, such as the requirement to provide clients with certain information about their investment strategies and fees.
The USVI USA also prohibits certain fraudulent and deceptive practices in connection with the offer and sale of securities. These prohibited practices include making false or misleading statements about a security, engaging in insider trading, and churning a client's account.
The USVI USA is enforced by the VSC. The VSC has the power to investigate potential violations of the law, to bring enforcement actions against violators, and to impose penalties, such as fines and injunctions.
Here are some of the key provisions of the USVI USA:
Securities offered and sold in the Virgin Islands must be registered with the VSC, unless an exemption applies.
Broker-dealers and investment advisers must be registered with the VSC.
Fraudulent and deceptive practices in connection with the offer and sale of securities are prohibited.
The VSC has the power to investigate potential violations of the law and to bring enforcement actions against violators.
In addition to the United States Virgin Island Uniform Securities Act,
If you live in the United States Virgin Island and have been harmed by securities fraud or misconduct, contact our law firm to discuss your available options.