Warning Letter - Fulcrum Management Limited (2012-10-23)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording that a warning letter was issued to Fulcrum Management Limited, a licensee in the Investment Business sector, for breaches of the Regulatory Code, 2009 relating to its board composition and notification duties. It is a historical record of a completed enforcement action against a single named entity rather than a rule of general application.

• Contravention 1: Failed to maintain at least two directors as required by section 19(2)(a) of the Regulatory Code, 2009, from 31 March 2011 when the Code became applicable to the Licensee.
• Contravention 2: Failed to immediately notify the Commission, as required by section 19(7)(a), that it had only one director.
• Contravention 3: Failed to submit an application for approval to appoint a director, as required by section 19(7)(b), with effect from 31 March 2011.

The notice serves as a public record and deterrent; it does not itself create new ongoing obligations for other licensees beyond the pre-existing director composition and notification requirements under section 19 of the Regulatory Code, 2009, which this action illustrates.

Applies to

Investment Business licensees