(a) The Commissioner may authorize the holding of regattas, motorboat or other boat races, marine parades, tournaments or exhibitions on any water of this territory. He shall adopt and may, from time to time, amend regulations concerning the safety of motorboats and other vessels and persons thereon, either observers or participants. Whenever a regatta, motorboat or other boat race, marine parade, tournament or exhibition is proposed to be held, the person in charge thereof shall, at least 15 days prior thereto, file an application with the Commissioner for permission to hold such regatta, motorboat or other boat race, marine parade, tournament or exhibition. The application shall set forth the date, time and location where it is proposed to hold such regatta, motorboat or other boat race, marine parade, tournament or exhibition, and it shall not be conducted without authorization of the Commissioner in writing.
(b) The provisions of this section shall not exempt any person from compliance with applicable Federal law or regulation but nothing contained herein shall be construed to require the securing of a Virgin Islands permit pursuant to this section if a permit therefor has been obtained from an authorized agency of the United States.