Administrative Penalty $1,160.00 - TMF Authorised Representative (BVI) Ltd. (2017-02-17)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $1,160.00 imposed on TMF Authorised Representative (BVI) Ltd. The penalty was levied under section 54A(3) of the Financial Services Commission Act, 2001 for a notification failure relating to a fund director change.

• Breach found: TMF Authorised Representative (BVI) Ltd. failed to notify the Commission of the resignation of a director and appointment of a new director to a fund for which it provides authorised representative services, within the required 14 day period.
• Penalty imposed: An administrative penalty of $1,160.00 was imposed pursuant to section 54A(3) of the Financial Services Commission Act, 2001.
• Matter reference: Matter ID: BF101113/387.

This notice is a record of a past enforcement action rather than a document imposing new ongoing rules, though it illustrates the Commission's standing requirement that authorised representatives notify director changes for funds within 14 days of occurrence.

Key obligations

• Authorised representatives must notify the Commission of the resignation or appointment of a director of a fund to which they provide authorised representative services within 14 days of the occurrence.

Applies to

authorised representatives, funds

Deadlines

• within 14 days of occurrence: Deadline for authorised representatives to notify the Commission of a director's resignation or appointment for a fund