Warning Letter - Drake Fund Advisors Ltd (2011-11-08)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording a warning letter issued to Drake Fund Advisors Ltd, a licensed Fund Administrator. It documents a specific past contravention rather than creating any new ongoing rule.

• Breach found: Drake Fund Advisors Ltd contravened section 10(1) of the Securities and Investment Business Act, 2010 by appointing a director without first obtaining the Commission's prior written approval.
• Action taken: The Commission issued a warning letter to the firm in respect of this contravention.
• Reference: The matter is recorded under Matter ID INV1020/127, Industry Type: Investment Business, Licence Type: Fund Administrator.

For other licensees, the underlying takeaway is the statutory requirement in section 10(1) of SIBA 2010: any appointment of a director by a licensee must have the Commission's prior written approval before it takes effect.

Key obligations

• Licensees under the Securities and Investment Business Act, 2010 must obtain the Commission's prior written approval before appointing a director, as required by section 10(1) of the Act.

Applies to

Fund Administrators, Investment Business licensees