Warning Letter - Hawksford Trustees International (BVI) Limited (2016-04-15)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that a warning letter was issued to Hawksford Trustees International (BVI) Limited. The action relates to a specific contravention of the Banks and Trust Companies Act, 1990, and does not itself create new ongoing rules for the industry.

• Breach found: Hawksford Trustees International (BVI) Limited contravened section 19(2) of the Banks and Trust Companies Act, 1990.
• Nature of breach: The company appointed a director without first obtaining the Commission's written approval, as required by law.
• Regulator action: The Commission issued a warning letter to the company (Matter ID: BF101113/283).

For other licensees, the notice serves as a reminder that written approval from the Commission must be obtained before appointing a director, since failure to do so can result in enforcement action such as a warning letter.

Key obligations

• Trust and banking licensees must obtain the Commission's prior written approval before appointing a director, as required by section 19(2) of the Banks and Trust Companies Act, 1990.

Applies to

banks and trust companies, trust and corporate services providers