(a) After the third year of operation, an international financial services entity shall have at least 60% of its management, supervisory or technical positions filled by residents of the Virgin Islands as defined in title 29, section 703 of the Virgin Islands Code, unless granted a waiver by the Board.
(b) A waiver may be granted only when:
(1) The Commissioner of Labor has certified that:
(A) The beneficiary has not been able to recruit individuals to fill the positions; or
(B) The beneficiary has not been able to train individuals to fill the positions; or
(C) The beneficiary has demonstrated to the Commissioner of Labor that the beneficiary’s training program has failed to provide the individuals capable of filling the positions and that the beneficiary has made a public effort to recruit personnel for the positions; or
(2) The Board has made a finding that the economic position of the beneficiary is such that the beneficiary cannot comply with the requirement without further erosion of its financial position or that the beneficiary cannot comply for such other practical reasons that the Board has established by regulations.