Warning Letter - Lumen Asset Management Limited (2014-05-30)

Summary

This is a short enforcement notice published by the BVI Financial Services Commission recording that a warning letter was issued to Lumen Asset Management Limited. The underlying breach was appointing directors without first obtaining the Commission's prior written approval, in contravention of section 10(1) of the Securities and Investment Business Act, 2010.

• Entity involved: Lumen Asset Management Limited
• Breach cited: Contravention of section 10(1) of the Securities and Investment Business Act, 2010, by appointing directors without the Commission's prior written approval
• Action taken: A warning letter was issued by the Commission
• Reference: Matter ID BF101113/203

The notice is a historical enforcement record rather than a rule-making document; it does not itself create new ongoing obligations but illustrates the Commission's expectation that investment business licensees obtain prior written approval before appointing directors.

Key obligations

• Investment business licensees under the Securities and Investment Business Act, 2010 must obtain the Commission's prior written approval before appointing directors

Applies to

investment business licensees, securities and investment business licensees