Warning Letter - Isocrates Limited (2013-12-04)

Summary

This is a public enforcement notice published by the BVI Financial Services Commission recording that a warning letter was issued to Isocrates Limited, a licensee in the banking and fiduciary services sector, for multiple contraventions of the Banks and Trust Companies Act, 1990, the Regulatory Code, 2009, and the BVI Business Companies Act, 2004. It is a historical record of a completed enforcement action rather than a document that imposes new ongoing rules.

• Late notification of director resignation: Failed to notify the Commission within 14 days of a director's resignation, contrary to section 8(1) of the Banks and Trust Companies Act, 1990.
• Unapproved trust services: Provided trust services to a trust without the Commission's prior written approval, contrary to section 10(5) of the Banks and Trust Companies Act, 1990.
• Unapproved director appointment: Appointed a director without obtaining the Commission's prior written approval, contrary to section 19(2) of the Banks and Trust Companies Act, 1990.
• Unauthorised share transfer and reorganisation: Acquiesced to a transfer of shares in a trust and permitted a reorganization of shares without prior written approval, contrary to sections 14(3)(a) and 14(3)(b) of the Banks and Trust Companies Act, 1990.
• Unauthorised share redemption: Permitted the redemption of shares without approval, contrary to section 14(3)(a) of the Banks and Trust Companies Act, 1990.
• Company appointed as director: Appointed a company as a director, contrary to section 19(5) of the Regulatory Code, 2009.
• Registered agent not notified: Failed to notify the registered agent of a change in the shareholder register, contrary to section 96(2) of the BVI Business Companies Act, 2004.

The notice identifies the matter by reference ID BF040513/055 and serves to publicly disclose the enforcement outcome; it does not set out new prospective obligations for other regulated entities.

Applies to

banks and trust companies, fiduciary services licensees