Directive - Rosebank Limited (2012-09-10)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Rosebank Limited, a Class I Trust licensee, under sections 40(3)(a) and 40(3)(b) of the Financial Services Commission Act, 2001. It orders the company to stop carrying on investment business and to wind down its existing investment business activities.

• 60-day wind down: Within 60 days of the Directive, Rosebank 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.
• Evidence of completion: Once the wind-down is complete, the company must provide evidence satisfactory to the Commission that all investment business has in fact been wound down.
• Immediate new-business freeze: With immediate effect, the company must cease and desist from taking on any new business.

The action relates to Matter ID INV0921/148 and is published as an enforcement alert; it applies specifically to Rosebank Limited rather than setting a general rule for the industry.

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 evidence satisfactory to the Commission that all investment business has been wound down upon completion of the wind-down
• Cease and desist from taking on any new business with immediate effect

Applies to

Class I Trust licensee, investment business licensees

Deadlines

• 60 days: Prescribed period within which Rosebank Limited must cease investment business and complete winding down of all investment business
• immediate effect: Rosebank Limited must immediately cease and desist from taking on any new business