Directive - BGL Private Equity (BVI) Limited (2012-10-18)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission (FSC) disclosing a Directive issued against BGL Private Equity (BVI) Limited, a company in the investment business sector. The Directive was issued under sections 40(3)(a) and 40(3)(b) of the Financial Services Commission Act, 2001, and orders the company to stop and unwind its investment business activities in the Virgin Islands.

• Wind-down requirement: Within a prescribed period of 60 days, BGL Private Equity (BVI) Limited must cease and desist from carrying on investment business of any kind in the Virgin Islands and wind down all investment business it is carrying on.
• Proof of compliance: Once the wind-down is complete, the company must provide the Commission with satisfactory evidence that all its investment business has in fact been wound down.
• Immediate restriction: With immediate effect, the company must cease and desist from taking on any new business.

The notice relates only to this specific company (Matter ID: INV1011/172) and does not impose new rules on the wider investment business industry; it is published as a public enforcement alert.

Key obligations

• Cease and desist from carrying on investment business of any kind in the Virgin Islands within 60 days of the Directive.
• Wind down all investment business being carried on by the company within the 60 day period.
• Provide the Commission with satisfactory evidence that the wind-down of investment business has been completed.
• Cease and desist, with immediate effect, from taking on any new business.

Applies to

investment business licensees, BGL Private Equity (BVI) Limited

Deadlines

• 60 days: Prescribed period within which BGL Private Equity (BVI) Limited must cease and desist from investment business and wind down all such business.
• immediate effect: BGL Private Equity (BVI) Limited must immediately stop taking on any new business.