VSM International Limited

An administrative penalty in the total amount of $2,000.00 was imposed on VSM International Limited for the following contraventions: section 19(2)(a) of the Regulatory Code, 2009 for its failure to have at least two directors at all times - $500.00; section 19(7)(a) of the Regulatory Code, 2009 for its failure to immediately notify the Commission, within twenty-one days of the resignation of a director of the Licensee - $500.00; and section 11(3)(a) of the Securities and Investments Business Act, 2010 for its failure to obtain prior written approval of the Commission to cause, permit or acquiesce in a sale, transfer, charge or other deposition shares held in the Licensee - $1,000.00.