Appointment of Qualified Person - Portcullis TrustNet (BVI) Limited (2013-09-08)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission concerning Portcullis TrustNet (BVI) Limited, a trust and corporate services provider. It records that the Commission required the firm to appoint a qualified person under the Financial Services Commission Act, 2001.

• Legal basis: Action taken pursuant to section 36(1)(a) of the Financial Services Commission Act, 2001
• Requirement imposed: Portcullis TrustNet (BVI) Limited was required to appoint a qualified person to advise it on the proper conduct of its business and affairs
• Reporting requirement: The qualified person must provide the Commission with a report on the firm's progress in implementing corrective actions required by a prior Compliance Inspection Report
• Reference: Matter ID BF101113/185

The notice is a public enforcement record rather than a rule of general application; it does not create ongoing obligations for other regulated entities, only for the named firm.

Key obligations

• Portcullis TrustNet (BVI) Limited must appoint a qualified person to advise it on the proper conduct of its business and affairs
• The appointed qualified person must provide the Commission with a report on the firm's progress in implementing the corrective actions required in the Compliance Inspection Report

Applies to

trust and corporate services providers