Administrative Penalty $1,000.00 - Objective Summa Corporation (2016-05-10)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording that an administrative penalty of $1,000.00 was imposed on Objective Summa Corporation. It is a completed enforcement action, not a rule of general application, but it illustrates the Commission's approach to late filing of audited financial statements.

• Breach found: Contravention of section 71(1) of the Securities and Investment Business Act, 2010
• Underlying failure: Objective Summa Corporation failed to submit its audited financial statements within six months after its financial year end of 30 June 2015
• Penalty: Administrative penalty of $1,000.00 imposed
• Reference: Matter ID BF101113/316

For compliance officers, the notice serves as a reminder that investment business licensees under the Securities and Investment Business Act, 2010 must submit audited financial statements within six months of their financial year end, and that late filing is subject to administrative penalties by the Commission.

Key obligations

• Investment business licensees under the Securities and Investment Business Act, 2010 must submit audited financial statements within six months after their financial year end (the obligation breached in this case).

Applies to

Investment business licensees regulated under the Securities and Investment Business Act, 2010