Fine $4,000.00 - Wessex Capital Limited (2015-05-10)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission disclosing that it imposed a $4,000.00 fine on Wessex Capital Limited. It is a historical public disclosure of a completed enforcement matter rather than a rule or guidance document, so it does not itself create new ongoing obligations for other entities.

• Contravention: Wessex Capital Limited breached section 41(1)(a) of the Securities and Investment Business Act, 2010 by carrying on business as a mutual fund in or from within the Virgin Islands without being authorised to do so.
• Sanction: The Commission imposed an administrative fine of $4,000.00 on the company.
• Reference: The matter is recorded under Matter ID BF101113/295.

The notice serves as a public record and deterrent example; it confirms that operating a mutual fund from within the BVI without prior authorisation under the Securities and Investment Business Act, 2010 exposes an entity to administrative fines from the Commission.

Applies to

mutual funds, investment business entities