Revocation of Licence - Cathay Asia Limited (2015-04-28)

Summary

This is a public enforcement notice issued by the British Virgin Islands Financial Services Commission (BVI FSC) announcing the revocation of the licence held by Cathay Asia Limited. It is a factual record of a completed enforcement action rather than a rule or guidance document, and it does not impose new ongoing obligations on other firms.

• Compliance Officer failure: Cathay Asia Limited failed to appoint a Compliance Officer, or seek an exemption from that requirement, contrary to section 34(3) of the Financial Services Commission Act, 2001.
• Returns failure: It failed to file prudential and statistical returns as required by section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009.
• Unpaid fees: It failed to pay the required annual licence fees to the Commission since 2011, contrary to sections 2 and 2A of the Financial Services Commission (Fees) (Amendment) Regulations, 2010.

As a result of these contraventions, the Commission issued a notice revoking Cathay Asia Limited's licence (Matter ID: BF101113/237). The notice serves as a public record of the action and does not create new compliance duties for other licensees, though it illustrates the type of conduct the Commission treats as grounds for revocation.

Applies to

licensees regulated by the BVI Financial Services Commission