Cease and Desist Order - UPME Group Ltd. (2013-02-26)

Summary

This is a short enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) confirming that it issued a Cease and Desist Order against UPME Group Ltd. The order was made under section 37(2A)(a) of the Financial Services Commission Act, 2001 and directs UPME Group Ltd to stop conducting investment business in or from the BVI immediately.

• Order issued to: UPME Group Ltd (Matter ID: ENF022213/023)
• Legal basis: Section 37(2A)(a) of the Financial Services Commission Act, 2001
• Requirement: Cease and desist from carrying on all investment business in or from within the BVI, with immediate effect
• Follow up requirement: Provide the Commission with evidence that it has ceased such investment business activities

This notice is entity-specific and does not create a general rule for the wider industry; it records a regulatory action taken against a single named company for apparently carrying on unauthorised investment business.

Key obligations

• UPME Group Ltd must cease and desist from carrying on all investment business in or from within the British Virgin Islands with immediate effect
• UPME Group Ltd must provide the Commission with evidence that it has ceased such investment business activities

Applies to

UPME Group Ltd (person carrying on unauthorised investment business)

Deadlines

• immediate effect: Cessation of all investment business activity by UPME Group Ltd takes effect immediately upon the order