Directive - National Bank of the Virgin Islands (2011-09-16)

Summary

This is a notice published by the BVI Financial Services Commission disclosing an enforcement directive issued to the National Bank of the Virgin Islands (Matter ID BF0916/107). The directive was issued under section 40(1)(a) and (b) of the Financial Services Commission Act, 2001, and compels the Bank to comply with an earlier Commission notice concerning the appointment of a qualified person, and to restrict its business activities pending Commission approval.

• Compliance with qualified person notice: The Bank must fully comply with the Notice issued under section 36A(1) of the Financial Services Commission Act, 2001, regarding the appointment of a qualified person.
• Restriction on new business: The Bank must refrain from expanding its existing business or introducing new products and services unless it first obtains the Commission's prior written approval.

This is a single-entity enforcement action rather than a rule of general application, and it does not set out any obligations for other banks or licensees beyond the National Bank of the Virgin Islands itself.

Key obligations

• The National Bank of the Virgin Islands must fully comply with the Notice issued under section 36A(1) of the Financial Services Commission Act, 2001 regarding the appointment of a qualified person.
• The National Bank of the Virgin Islands must refrain from expanding or introducing new products or services without the prior written approval of the Commission.

Applies to

National Bank of the Virgin Islands, banks