Revocation of Licence - Oriental Conrad Limited (2015-04-28)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission announcing the revocation of the licence held by Oriental Conrad Limited. It is informational, documenting a past enforcement decision rather than creating new ongoing rules for the wider industry.

• Compliance Officer failure: Oriental Conrad 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: The company failed to file prudential and statistical returns as required by section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009.
• Fees failure: The company 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 the entity's licence. The matter is identified by reference BF101113/238. No further action is required of other licensees from this specific notice, though it illustrates the compliance officer, returns, and fee obligations that licensees generally must satisfy.

Applies to

licensees