Warning Letter - Quam Asset Management (BVI) Ltd. (2014-06-03)

Summary

This is a warning letter published by the BVI Financial Services Commission as an enforcement action against Quam Asset Management (BVI) Ltd. It is a public notice recording that the Commission found the firm in contravention of specific provisions of the securities and investment business regulatory framework, rather than a rule or guidance document imposing new ongoing requirements on the industry.

• Unauthorized investment business: Contravention of section 4(1) of the Securities and Investment Business Act, 2010, for carrying on investment business without proper authorisation.
• Breach of licence condition: Contravention of section 5(b) of the Securities and Investment Business Act, 2010 and section 40B of the FSC Act, 2001, for breaching a condition attached to its licence.

The notice identifies the matter by reference ID BF101113/198 and serves to inform the public and industry of the enforcement outcome; it does not set out any new compliance requirement, fee, or transitional arrangement applicable to other regulated entities.

Applies to

investment business licensees, securities and investment business licensees