Administrative Penalty $4,000.00 - Bunge Investment Management Limited (2012-08-16)

Summary

This is a published enforcement action notice from the BVI Financial Services Commission recording a completed administrative penalty against Bunge Investment Management Limited, a Public Funds licence holder in the Investment Business category. It is informational rather than a rule and does not itself create new ongoing obligations, but it illustrates the Commission's enforcement of section 12(b) of the Securities and Investment Business Act, 2010.

• Penalty: Four separate administrative penalties of $1,000.00 each were imposed, totalling $4,000.00.
• Breach: Bunge Investment Management Limited contravened section 12(b) of the Securities and Investment Business Act, 2010 by failing to obtain the Commission's prior written approval before incorporating four subsidiaries on separate occasions.
• Licence Type: Public Funds.
• Reference: Matter ID INV0615/088.

The underlying requirement highlighted by this enforcement action is that investment business licensees must obtain the Commission's prior written approval before incorporating subsidiaries, as required under section 12(b) of the Securities and Investment Business Act, 2010.

Key obligations

• Investment business licensees, including Public Funds, must obtain the Commission's prior written approval before incorporating any subsidiary, as required by section 12(b) of the Securities and Investment Business Act, 2010.

Applies to

Investment Business licensees, Public Funds