Directive - Castlestone Management Incorporated (2016-03-21)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Castlestone Management Incorporated under section 40(1)(b) of the Financial Services Commission Act, 2001. It compels the company to bring its financial reporting into compliance with the Securities and Investment Business Act, 2010 for a run of past financial years.

• Who it targets: Castlestone Management Incorporated, a licensee under BVI securities and investment business law (Matter ID: BF101113/301).
• What is required: Submission to the Commission of financial statements that comply with section 71(1) of the Securities and Investment Business Act, 2010.
• Period covered: Financial statements for the years ending 31 December 2010, 2011, 2012, 2013 and 2014.
• Timeframe: Statements must be filed within 30 days from the date of the Directive.

This is a company specific enforcement notice rather than a rule of general application, but it illustrates the Commission's expectations around timely and compliant financial statement filing under section 71(1) of SIBA.

Key obligations

• Castlestone Management Incorporated must submit financial statements complying with section 71(1) of the Securities and Investment Business Act, 2010 for the years ending 31 December 2010, 2011, 2012, 2013 and 2014, within 30 days of the date of the Directive.

Applies to

Investment business licensee (Castlestone Management Incorporated)

Deadlines

• 30 days from the date of the Directive (Directive dated 2016-03-21): Deadline for Castlestone Management Incorporated to submit compliant financial statements for FY2010-2014 to the Commission.