Cease and Desist Order - Priory Investments Services Ltd. (2013-05-13)

Summary

This is a public enforcement notice from the BVI Financial Services Commission (FSC) recording that a cease and desist order was issued against Priory Investments Services Ltd. It is an announcement of regulatory action, not a general rule affecting the industry.

• Legal basis: Issued under section 37(2A)(a) of the Financial Services Commission Act, 2001
• Order: Priory Investments Services Ltd must cease and desist from carrying on all investment business in or from within the British Virgin Islands, with immediate effect
• Additional requirement: The company must provide the Commission with evidence that it has ceased such investment business activities
• Matter reference: ENF050613/074

The notice is specific to this one named entity and does not impose new ongoing obligations on the wider investment business industry, though it signals the FSC's willingness to use its section 37(2A)(a) powers against unauthorised or non-compliant investment business activity.

Key obligations

• Priory Investments Services Ltd must immediately cease and desist from carrying on all investment business in or from within the BVI
• Priory Investments Services Ltd must provide the Commission with evidence that it has ceased such investment business activities

Applies to

Investment Business

Deadlines

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