Administrative Penalty $1,750.00 - Overseas Management Company Trust (BVI) Ltd (2011-11-28)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Overseas Management Company Trust (BVI) Ltd, a Class I Trust licensee. It is a historical record of a completed enforcement action rather than a document imposing new ongoing requirements on the wider industry.

• Penalty: $1,750.00 administrative penalty imposed on Overseas Management Company Trust (BVI) Ltd.
• Breach: Contravention of section 18(1) of the Banks and Trust Companies Act, 1990, by failing to obtain the Commission's prior written approval before incorporating a subsidiary.
• Licence type: Class I Trust licence.
• Reference: Matter ID BF1104/130.

The notice illustrates the Commission's enforcement of section 18(1), which requires licensed banks and trust companies to seek prior written approval before incorporating subsidiaries; it does not itself create new obligations beyond restating this existing statutory requirement.

Key obligations

• Banks and trust companies licensed under the Banks and Trust Companies Act, 1990 must obtain the Commission's prior written approval before incorporating a subsidiary, as required by section 18(1) of that Act.

Applies to

Banks and trust companies, Class I Trust licensees