Cease and Desist Order - Bforex Limited (2013-04-06)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) announcing a Cease and Desist Order issued against Bforex Limited, a firm in the investment business industry category. The order directs the firm to stop conducting investment business in or from the BVI immediately.

• Legal basis: Issued under section 37(2A)(a) of the Financial Services Commission Act, 2001.
• Core requirement: Bforex Limited must cease and desist carrying on all investment business in or from within the Territory with immediate effect.
• Follow up requirement: Bforex Limited must provide the Commission with evidence that it has ceased such investment business activities.
• Reference: Matter ID ENF052413/085.

The notice is an enforcement action against a named entity rather than a rule of general application, so it does not create ongoing obligations for other regulated firms; it is informational for the industry and public as to action taken against this specific firm.

Key obligations

• Bforex Limited must immediately cease carrying on all investment business in or from within the British Virgin Islands.
• Bforex Limited must provide the Commission with evidence that it has ceased such investment business activities.

Applies to

investment business firm (Bforex Limited)

Deadlines

• immediate effect: Bforex Limited must cease and desist all investment business in or from the Territory with immediate effect upon the order.