Warning Letter - SELVI TRUSTEE LTD. (2014-08-07)

Summary

This is a warning letter published by the British Virgin Islands Financial Services Commission as an enforcement action against SELVI TRUSTEE LTD. It records that the Commission found the company in contravention of section 10(5) of the Banks and Trust Companies Act, 1990.

• Contravention found: SELVI TRUSTEE LTD. undertook trust business changes without first obtaining the Commission's prior approval, contrary to section 10(5) of the Banks and Trust Companies Act, 1990.
• Action taken: The Commission issued a formal warning letter to the company; matter reference BF101113/204.

The notice is a public record of a past enforcement outcome rather than a rule imposing new duties on the wider industry, but it underscores the existing statutory requirement for trust licensees to obtain Commission approval before making changes to their licensed trust business.

Key obligations

• Licensed trust companies must obtain the Commission's prior approval before making changes to their trust business, as required by section 10(5) of the Banks and Trust Companies Act, 1990.

Applies to

trust companies, trust business licensees