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Isocrates Limited

 
Action Date:
Wednesday, 4 December, 2013
Category:
Enforcement Action:
Enforcement Summary:
A warning was issued to Isocrates Limited for its contraventions of (a) section 8(1) of the Banks and Trust Companies Act, 1990 for failing to notify the Commission within 14 days of the resignation of its directors; (b) section 10(5) of the Banks and Trust Companies Act, 1990 by providing trust services to a trust without the Commission�s prior written approval; (c) section 19(2) of the Banks and Trust Companies Act, 1990 by failing to obtain the Commission�s prior written approval before appointing a director; (d) section 14(3)(a) of the Banks and Trust Companies Act 1990 by acquiescing to the transfer of shares in a trust, and of section 14(3)(b) of the Banks and Trust Companies Act, 1990 by permitting the reorganization of shares in a trust without the Commission�s prior written approval; (e) section 14(3)(a) of the Banks and Trust Companies Act, 1990 by permitting the redemption of shares; and (f) section 19(5) of the Regulatory Code, 2009 by appointing a company as a director; and section 96(2) of the BVI Business Companies Act, 2004 by failing to notify the registered agent of a change in the shareholder register.
Matter ID:
BF040513/055