Oriental Conrad Limited - Public Statement No. 6 of 2015 (2015-05-20)

Summary

This is a public statement issued by the BVI Financial Services Commission notifying the public that Oriental Conrad Limited, formerly a restricted Class II Trust licensee, has had its licence revoked and is no longer licensed or regulated by the FSC.

• Licence history: The Company was licensed as a restricted Class II Trust to provide trust services from within the Territory, originally licensed on 9 October 1996.
• Revocation: On 28 April 2015 the FSC revoked the licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: The Company failed to appoint a Compliance Officer or seek an exemption (section 34(3) of the FSC Act, 2001); failed to file prudential and statistical returns (section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009); and failed to pay required annual licence fees since 2011 (sections 2 and 2A of the Financial Services Commission (Fees) (Amendment) Regulations, 2010).
• Current status: The Company is no longer licensed and/or regulated by the FSC, and the statement was issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

This is a purely informational public notice with no continuing compliance obligations for third parties; it serves to warn customers, creditors and the public about the Company's revoked status. The FSC indicates it will provide updates on further developments.

Applies to

Class II Trust licensees, trust and corporate services providers