Administrative Penalty $100.00 - NIS PE Fund Ltd. (2014-07-10)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission recording that it imposed a $100.00 administrative penalty on NIS PE Fund Ltd. The penalty relates to a breach of the fund notification requirements under the Mutual Funds Regulations, 2010.

• Contravention: NIS PE Fund Ltd. failed to notify the Commission of the resignation and appointment of a director within the required 14 day period, contrary to regulation 11(2) of the Mutual Funds Regulations, 2010.
• Penalty imposed: An administrative penalty of $100.00 was levied against the fund, referenced under Matter ID BF101113/221.

The notice is purely a record of a completed enforcement action against a named entity and does not itself create new ongoing obligations for other regulated funds, though it illustrates the Commission's expectation that director changes be notified promptly under regulation 11(2).

Key obligations

• Mutual funds must notify the Commission of the resignation and appointment of a director within 14 days, as required by regulation 11(2) of the Mutual Funds Regulations, 2010.

Applies to

mutual funds

Deadlines

• 14 days: Mutual funds must notify the Commission of a director's resignation and appointment within 14 days, per regulation 11(2) of the Mutual Funds Regulations, 2010.