Warning Letter - Intac (BVI) International Investments Limited (2014-01-12)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that a warning letter was issued to Intac (BVI) International Investments Limited for breaches of the Regulatory Code, 2009. It is a historical record of action already taken against a named licensee, not a new rule or policy statement.

• Director minimum: The licensee failed to maintain at least two directors at all times, contrary to section 19(2)(a) of the Regulatory Code, 2009.
• Notification failure: The licensee did not immediately notify the Commission that it had fallen below the two-director requirement, contrary to section 19(7)(a) of the Regulatory Code.
• Remediation application failure: The licensee did not submit an application to appoint a replacement director within 21 days of the non-compliance, contrary to section 19(7)(b) of the Regulatory Code.

The notice serves as a public alert of the enforcement action (Matter ID: BF101113/209) and functions as a reminder to other licensees of the standing director and notification requirements under the Regulatory Code, rather than creating any new obligation itself.

Key obligations

• Licensees must maintain at least two directors at all times, as required by section 19(2)(a) of the Regulatory Code, 2009.
• Licensees must immediately notify the Commission if the number of directors falls below two, as required by section 19(7)(a) of the Regulatory Code.
• Licensees must submit an application to the Commission to appoint a replacement director within 21 days of falling out of compliance with the two-director requirement, as required by section 19(7)(b) of the Regulatory Code.

Applies to

Licensee (Intac (BVI) International Investments Limited), Investment business licensees regulated under the Regulatory Code, 2009