Administrative Penalty $3,500.00 - Rosebank Limited (2011-06-29)

Summary

This is a public enforcement notice published by the BVI Financial Services Commission recording that it imposed an administrative penalty of $3,500.00 on Rosebank Limited, a Class I Trust licensee under the Banks and Trust Companies Act, 1990.

• Breach found: Contravention of section 17C(1) of the Banks and Trust Companies Act, 1990, by failing to submit audited financial statements to the Commission within the prescribed or approved period.
• Penalty: Administrative penalty of $3,500.00 imposed on Rosebank Limited.
• Licence type: Class I Trust.
• Reference: Matter ID BF0527/052.

The notice is a record of a completed enforcement action rather than a rule or guidance document; it does not itself create new ongoing obligations for other licensees, but illustrates the Commission's enforcement of the statutory duty to file audited financial statements on time.

Applies to

Class I Trust licensees, banks and trust companies