Administrative Penalty $25,000.00 - Galloway Capital Management Ltd. (2017-02-16)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $25,000.00 on Galloway Capital Management Ltd.

• Contravention: Galloway Capital Management Ltd. carried on, or held itself out as carrying on, investment business in or from within the Virgin Islands without holding a licence under the Securities and Investment Business Act, 2010 (SIBA), contrary to section 4(1) of SIBA.
• Penalty imposed: An administrative penalty of $25,000.00 was imposed on the company.
• Reference: The matter is recorded under Matter ID BF101113/350.

The notice is informational, reporting a completed enforcement outcome against a specific entity rather than creating any new ongoing rule or obligation for the wider industry.

Applies to

investment business licensees, persons carrying on investment business in or from within the Virgin Islands