Cease and Desist Order - Forex Place Ltd. (2013-04-06)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing a cease and desist order issued against Forex Place Ltd, which operated under the trading name 4XP. The order requires the firm to immediately stop all investment business activity carried on in or from within the British Virgin Islands.

• Legal basis: Issued under section 37(2A)(a) of the Financial Services Commission Act, 2001
• Entity: Forex Place Ltd, trading as 4XP, Industry Type: Investment Business
• Action required of the firm: Cease and desist carrying on all investment business in or from within the Territory with immediate effect, and provide the Commission with evidence that such activities have ceased
• Matter reference: ENF052413/089

This is a public enforcement alert rather than a rule of general application, so it creates no ongoing obligations for other regulated entities; it is informational for the industry and public, identifying an unauthorised or non-compliant operator.

Key obligations

• Forex Place Ltd (trading as 4XP) must immediately cease carrying on all investment business in or from within the British Virgin Islands
• Forex Place Ltd (trading as 4XP) must provide the Commission with evidence that it has ceased such investment business activities

Applies to

Investment business entities, Forex Place Ltd (trading as 4XP)

Deadlines

• immediate effect: Cease and desist from carrying on investment business in or from within the Territory