Administrative Penalty $1,160.00 - TMF Authorised Representative (BVI) Ltd. (2017-07-02)

Summary

This is a published enforcement action notice from the BVI Financial Services Commission recording a completed administrative penalty. It is historical/informational rather than a rule that creates new ongoing requirements, but it illustrates an underlying statutory notification duty for entities providing authorised representative services to funds.

• Penalty: A $1,160.00 administrative penalty was imposed on TMF Authorised Representative (BVI) Ltd.
• Legal basis: Imposed under section 54A(3) of the Financial Services Commission Act, 2001.
• Underlying breach: Failure to notify the Commission of the resignation of a director and appointment of a director to a fund for which the company provides authorised representative services, within the required 14 day period.
• Reference: Matter ID BF101113/388.

The notice itself does not impose new obligations but confirms that entities acting as authorised representatives for funds must report director resignations and appointments to the Commission within 14 days of occurrence, and that failure to do so can trigger administrative penalties under section 54A(3) of the FSC Act, 2001.

Key obligations

• Authorised representatives providing services to funds must notify the Commission of a director's resignation and any new director's appointment within 14 days of the change occurring.

Applies to

Authorised representatives (BVI) providing services to funds, Funds

Deadlines

• 14 days of occurrence: Authorised representatives must notify the Commission of a director resignation or appointment for a fund within 14 days of the event; failure led to the penalty described in this notice.