Administrative Penalty $11,000.00 - CASTLESTONE MANAGEMENT INCORPORATED (2017-07-07)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $11,000.00 imposed on Castlestone Management Incorporated. The penalty relates to a breach of the audited financial statement filing requirement under the Securities and Investment Business Act, 2010. It is a completed enforcement record, not a rule change, and creates no new ongoing obligations for other entities.

• Penalty: $11,000.00 administrative penalty imposed on Castlestone Management Incorporated.
• Legal basis: Imposed under sections 37(1)(a)(i) and 37(2)(f) of the Financial Services Commission Act, 2001, and paragraph 3 of Schedule 1 of the Financial Services (Administrative Penalties) Regulations, 2007.
• Underlying breach: Contravention of section 71(1) of the Securities and Investment Business Act, 2010, by failing to submit audited financial statements for the financial years ended 31 December 2013 and 31 December 2014.
• Reference: Matter ID BF101113/397.

Applies to

investment business licensees, securities and investment business entities