Administrative Penalty $4,000.00 - St. Lawrence Trading Inc. (2015-07-22)

Summary

This is a published enforcement notice from the BVI Financial Services Commission reporting that it imposed an administrative penalty of $4,000.00 on St. Lawrence Trading Inc. for breaching provisions of the Securities and Investment Business Act, 2010 relating to public fund functionaries.

• Section 54(1) breach: St. Lawrence Trading Inc. appointed a functionary of a public fund without first obtaining the Commission's prior written approval.
• Section 54(3) breach: St. Lawrence Trading Inc. failed to notify the Commission within seven days after a functionary ceased to act for the public fund.
• Penalty: An administrative penalty of $4,000.00 was imposed; the matter is recorded under Matter ID BF101113/261.

The notice is informational, documenting a completed enforcement action rather than creating new ongoing rules. It does, however, illustrate the Commission's expectations under sections 54(1) and 54(3) of the Securities and Investment Business Act, 2010 for public funds and their operators regarding functionary appointments and departures.

Key obligations

• A public fund (or its operator) must obtain the Commission's prior written approval before appointing a functionary, as required by section 54(1) of the Securities and Investment Business Act, 2010.
• A public fund (or its operator) must notify the Commission within seven days after a functionary ceases to act for the fund, as required by section 54(3) of the Securities and Investment Business Act, 2010.

Applies to

public funds, mutual funds, fund functionaries

Deadlines

• seven (7) days after a functionary ceased to act: Statutory deadline under section 54(3) SIBA for notifying the Commission that a functionary has ceased to act for a public fund.