Warning Letter - SOFAER CAPITAL INC. (2016-09-23)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that a warning letter was issued to Sofaer Capital Inc. The action relates to a breach of section 12 of the Securities and Investment Business Act, 2010, which requires investment business licensees to obtain the Commission's prior written approval before acquiring a subsidiary.

• Contravention: Sofaer Capital Inc. obtained a subsidiary without first obtaining the Commission's written approval, as required by section 12 of the Securities and Investment Business Act, 2010.
• Regulatory action: The Commission issued a warning letter to the firm in connection with this contravention.
• Reference: The matter is recorded under Matter ID BF101113/317.

The notice is informational and enforcement-specific to Sofaer Capital Inc.; it does not itself create new ongoing obligations for other licensees, but it underscores the existing statutory requirement that investment business licensees must seek prior written Commission approval before obtaining a subsidiary.

Key obligations

• Investment business licensees under the Securities and Investment Business Act, 2010 must obtain the Commission's written approval before obtaining a subsidiary (section 12).

Applies to

Securities and investment business licensees