Directive - BNP Paribas (BVI) Trust Corporation (2011-05-03)

Summary

This is a published enforcement action record from the BVI Financial Services Commission (FSC) concerning BNP Paribas (BVI) Trust Corporation, a Class II Trust licensee. It records that the FSC issued a directive to the company under section 40(1)(b) of the Financial Services Commission Act, 2001, requiring it to obtain and provide written confirmation from its auditors that a required capital injection had been made.

• Legal basis: Directive issued under section 40(1)(b) of the Financial Services Commission Act, 2001.
• Underlying capital requirement: Concerns compliance with prescribed capital resources under section 12(4)(a) of the Banks and Trust Companies Act, 1990 and section 155 of the Regulatory Code, 2009.
• Action required of the firm: BNP Paribas (BVI) Trust Corporation was required to obtain written confirmation from its auditors that the necessary capital injection had been completed.
• Reference details: Licence Type: Class II Trust; Industry Type: Banking and Fiduciary Services; Matter ID: BF0325/022.

This is a historical enforcement record specific to one named licensee rather than a general rule or guidance applicable to the wider industry; it does not create ongoing obligations for other regulated entities.

Key obligations

• BNP Paribas (BVI) Trust Corporation was directed to provide written confirmation from its auditors that the required capital injection had been made to meet its prescribed capital resources requirement.

Applies to

Trust companies (Class II Trust licensees), Banking and fiduciary services providers