Warning Letter - MPT Asset Management Corp. (2013-09-30)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording that a formal warning letter was issued to MPT Asset Management Corp., a licensee in the investment business sector. It is a factual record of a completed enforcement action rather than a rule or guidance document imposing ongoing requirements on the public.

• Contraventions found: MPT Asset Management Corp. breached sections 11(2) and 11(3)(a) of the Securities and Investment Business Act, 2010.
• Conduct at issue: The company effected a transfer of shares and a change in ownership without first obtaining the Commission's prior written approval.
• Regulator action: The Commission issued a warning letter to the company; Matter ID INV092013/156.

The notice serves as a public alert of the enforcement outcome and does not itself create new ongoing compliance requirements for other licensees, though it illustrates the Commission's expectation that share transfers and ownership changes at licensed investment business entities require prior written approval.

Applies to

investment business licensees, securities and investment business licensees