Administrative Penalty $3,000.00 - Osiris International Trustees Limited (2011-09-09)

Summary

This is a published enforcement action record from the BVI Financial Services Commission announcing that it imposed an administrative penalty of $3,000.00 on Osiris International Trustees Limited, a Class I Trust licensee.

• Contravention: Section 18(1) of the Banks and Trust Companies Act, 1990, which requires prior written approval from the Commission before incorporating a subsidiary
• Breach found: Osiris International Trustees Limited incorporated a subsidiary without first seeking the Commission's prior written approval
• Penalty imposed: Administrative penalty of $3,000.00
• Reference: Matter ID BF0729/090, Licence Type Class I Trust

The notice is a historical enforcement record and does not itself create new ongoing obligations for other licensees, but it confirms that licensees under the Banks and Trust Companies Act must obtain the Commission's prior written approval before incorporating a subsidiary.

Key obligations

• Licensees under the Banks and Trust Companies Act, 1990 must obtain the Commission's prior written approval before incorporating a subsidiary (section 18(1))

Applies to

banks, trust companies, Class I Trust licensees