Warning Letter - Sail Flagship Management Limited (2014-06-03)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that a warning letter was issued to Sail Flagship Management Limited for two separate regulatory contraventions. It is a public record of a completed enforcement action rather than a document imposing new ongoing rules on the wider industry.

• Late audited financials: Contravened section 71(1) of the Securities and Investment Business Act, 2010 by failing to submit audited financial statements for the years 2010 to 2012 within the prescribed timeframe.
• Unapproved director appointments: Contravened section 19(2) of the Banks and Trust Companies Act, 1990 and section 34(3) of the FSC Act, 2001 by appointing directors without first obtaining the Commission's prior approval.

The notice records the matter under reference BF101113/201 and does not set out any further sanction, fine amount, or ongoing compliance requirement beyond the warning itself.

Applies to

Sail Flagship Management Limited (licensee under the Securities and Investment Business Act and the Banks and Trust Companies Act)