Administrative Penalty $3,000.00 - Osiris International Trustees Limited (2011-10-18)

Summary

This is a public enforcement notice 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, for a breach of the Banks and Trust Companies Act, 1990.

• Contravention: Section 18(1) of the Banks and Trust Companies Act, 1990, by failing to seek the Commission's prior written approval for the operation of a subsidiary
• Penalty: Administrative penalty of $3,000.00 imposed on the licensee
• Licence type: Class I Trust
• Matter reference: BF1003/116

This notice is purely informational and documents a past enforcement action against a named entity; it does not itself impose any new ongoing obligation on other regulated entities, though it underscores the existing requirement under section 18(1) for trust licensees to obtain prior written Commission approval before operating a subsidiary.

Key obligations

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

Applies to

trust companies, Class I Trust licensees