Administrative Penalty $6,000.00 - UFG Wealth Management Limited (2014-03-06)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a total administrative penalty of $6,000.00 on UFG Wealth Management Limited, a licensee under the Securities and Investments Business Act, 2010 (SIBA). The notice is a historical record of a completed enforcement action rather than a rule or guidance document, and it does not itself create new ongoing obligations.

• Contravention 1: Failure to submit audited financial statements for the 2012 financial year, in breach of section 71(1) of SIBA 2010 - penalty of $5,000.00.
• Contravention 2: Failure to obtain the Commission's prior written approval before permitting a sale, transfer, charge or other disposition of shares held in the licensee, in breach of section 11(3)(a) of SIBA 2010 - penalty of $1,000.00.

The notice serves as a public record (Matter ID BF101113/192) illustrating the Commission's enforcement of licensees' statutory reporting and share-transfer approval duties under SIBA, rather than imposing any new requirement on other market participants.

Key obligations

• Securities and investments business licensees must submit audited financial statements for each financial year as required by section 71(1) of SIBA 2010.
• Securities and investments business licensees must obtain the Commission's prior written approval before causing, permitting or acquiescing in any sale, transfer, charge or other disposition of shares held in the licensee, under section 11(3)(a) of SIBA 2010.

Applies to

securities and investments business licensees