Sterling Gent Trading Ltd obtains BVI-regulated status

24-10-2011 19:24:00
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Sterling Gent Trading Ltd (SGT), the BVI-incorporated specialist FX firm, is pleased to announce that it is one of the first BVI-registered firms to have been approved to provide investment business services subject to “Category 1 Dealing in Investments: Sub-category B: Dealing as Principal” in accordance with sections 5 and 6(2) of the Securities and Investment Business Act, 2010.

 

“Last year, when the BVI Financial Services Commission announced the introduction of a new regulatory regime to cover Dealing activities for BVI-domiciled firms, we championed the development as a major positive for the industry and the jurisdiction alike. We’re pleased to have been informed today that our licence application has been approved after several months of review by the Commission and we look forward to full compliance with SIBA,” SGT founder John Rebelo notes.

 

The Financial Services Commission also recognises SGT’s appointment of Directors pursuant to the provisions of Section 10(1) of the Securities and Investment Business Act, 2010 and the Guidelines for the Approved Persons Regime and Schedule 1A of the Regulatory Code, 2009. Additionally, the Commission approved the ownership structure of Sterling Gent Trading Ltd pursuant to the provisions of Section 11(3)(b)(1) of the Securities and Investment Business Act, 2010. Furthermore, under the provisions of Section 34(3) of the Financial Services Commission Act, 2001 and the Guidelines of the Approved Persons Regime and Schedule 1A of the Regulatory Code, 2009, the Financial Services Commission approved the appointment of SGT’s Tier II Compliance Officer and Money Laundering Reporting Officer (MLRO), in accordance with the provisions of Section 34(8) of the Securities and Investment Business Act, 2010 and the Regulatory Code, 2009. Finally, the Commission approved the appointment of SGT’s auditor, Baker Tilly (BVI) Limited pursuant to the provisions of sections 75(3)(a) of the Securities and Investment Business Act, 2010.

 

“The approval of SGT’s application as a Principal Dealer evidences the fact that we’ve been doing business properly since day one, with transparency, accountability, and excellent customer service as hallmarks that define our commitment to clients. As we continue to expand our operations, these practices will continue and we look forward to a long and successful association with the Financial Services Commission,” adds Mr Rebelo.