Administrative Penalty $55,000.00 - CORAL REEF TECHNOLOGIES LIMITED (2022-06-13)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (BVI FSC) announcing an administrative penalty of $55,000.00 imposed on Coral Reef Technologies Limited. It is a public alert reporting a completed enforcement action rather than a rule or guidance document.

• Contravention: Section 4(1) of the Securities and Investment Business Act, 2010 (SIBA), which prohibits carrying on unauthorized investment business services without the appropriate licence.
• Penalty imposed: $55,000.00 administrative penalty.
• Matter reference: ENF060222/035.

The notice is informational, recording a past regulatory finding and penalty against a specific named entity; it does not itself impose ongoing obligations on other firms, though it signals the FSC's enforcement stance on unlicensed investment business activity.

Applies to

persons or entities carrying on investment business without a licence under the Securities and Investment Business Act, 2010