Administrative Penalty $2,000.00 - VSM International Limited (2014-03-29)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission recording an administrative penalty imposed on VSM International Limited. The penalty totalled $2,000.00 for three separate contraventions of the Regulatory Code, 2009 and the Securities and Investments Business Act, 2010. It is a historical record of a completed enforcement matter rather than a new rule or guidance document.

• Directors requirement: $500.00 penalty for failing to maintain at least two directors at all times, contrary to section 19(2)(a) of the Regulatory Code, 2009.
• Notification of director resignation: $500.00 penalty for failing to immediately notify the Commission within twenty one days of a director's resignation, contrary to section 19(7)(a) of the Regulatory Code, 2009.
• Prior approval for share transfers: $1,000.00 penalty for failing to obtain the Commission's prior written approval before a sale, transfer, charge or other disposition of shares held in the licensee, contrary to section 11(3)(a) of the Securities and Investments Business Act, 2010.

The notice itself imposes no new continuing obligations on other licensees; it simply publicises a completed enforcement outcome (Matter ID BF101113/188) illustrating standing statutory requirements applicable to securities and investment business licensees.

Key obligations

• Licensees must maintain at least two directors at all times, as required by section 19(2)(a) of the Regulatory Code, 2009.
• Licensees must notify the Commission within twenty one days of a director's resignation, as required by section 19(7)(a) of the Regulatory Code, 2009.
• Licensees must obtain the Commission's prior written approval before permitting any sale, transfer, charge or other disposition of shares held in the licensee, as required by section 11(3)(a) of the Securities and Investments Business Act, 2010.

Applies to

securities and investment business licensees