Cathay Asia Limited - Public Statement No. 7 of 2015 (20 May 2015)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) announcing that Cathay Asia Limited, formerly licensed as a restricted Class II Trust to provide trust services, is no longer licensed or regulated by the FSC. The FSC revoked the company's licence on 28 April 2015 after finding it in breach of several statutory requirements.

• Compliance Officer: Failed to appoint a Compliance Officer or seek an exemption, contrary to section 34(3) of the Financial Services Commission Act, 2001.
• Prudential and statistical returns: Failed to file required returns under section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009.
• Annual licence fees: Failed to pay required annual licence fees to the Commission since 2011, contrary to sections 2 and 2A of the Financial Services Commission (Fees) (Amendment) Regulations, 2010.

The statement is issued to protect the public, customers and creditors of the company by making clear it is no longer authorised to conduct trust business. The FSC states it will provide updates on any further developments in this matter.

Applies to

Class II Trust licensees, trust and corporate services providers, customers and creditors of the company