Appointment of Qualified Person - Shirley Trust Company Limited (2013-07-23)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission concerning Shirley Trust Company Limited, a Class I Trust and Registered Agent licensee. It records that the Commission exercised its statutory power to require the licensee to appoint a qualified person to oversee its business affairs following a compliance inspection.

• Legal basis: Action taken under section 36A(1) of the Financial Services Commission Act, 2001
• Action taken: The Commission required Shirley Trust Company Limited 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 company's progress in implementing corrective actions required by a prior Compliance Inspection Report
• Licence affected: Class I Trust and Registered Agent licence (Matter ID COM040213/048)

This notice is entity specific and informational for the public record; it does not create general obligations for other licensees, but illustrates the Commission's use of section 36A powers to compel remedial oversight where compliance deficiencies are identified.

Key obligations

• Shirley Trust Company Limited must appoint a qualified person to advise on the proper conduct of its business and affairs, as required by the Commission under section 36A(1) of the Financial Services Commission Act, 2001
• The appointed qualified person must provide the Commission with a report on the company's progress implementing corrective actions from the Compliance Inspection Report

Applies to

Trust and Registered Agent licensees (Class I)