Warning Letter - Plexus Global Asset Management Limited (2012-05-30)

Summary

This is a warning letter published by the British Virgin Islands Financial Services Commission as an enforcement action against Plexus Global Asset Management Limited. It records two contraventions relating to carrying on investment business without the required licence.

• Mutual Funds Act breach: Plexus provided services without acquiring the licence required under section 22(1) of the Mutual Funds Act, 1996 (since repealed).
• Securities and Investment Business Act breach: Plexus continued providing services after the Securities and Investment Business Act, 2010 came into force without submitting a licence application within the transitional period specified in paragraph 2(b) of Schedule 8 (Transitional Provisions) of that Act.

The document is a public enforcement notice recording a completed warning action against a named entity; it does not itself create new ongoing rules or obligations for other regulated persons, but illustrates the Commission's expectation that firms carrying on investment business or mutual fund activity must be properly licensed, including complying with transitional licensing deadlines when new legislation commences.

Applies to

mutual funds, investment business providers